New York License Law
Under New York Real Property Law, which of the following is a required element for a valid listing agreement?
AA minimum listing period of 6 months
BA definite expiration date (the agreement cannot be open-ended)✓ Correct
CA guaranteed minimum selling price
DDOS registration of the listing agreement within 5 business days
Explanation
Under New York Real Property Law, a listing agreement must have a definite expiration date. An open-ended listing agreement (with no specified expiration) is not enforceable. This requirement protects sellers from being bound to a broker indefinitely. The expiration date is negotiated between the broker and seller.
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