Contracts
A NC listing agreement that does not specify an expiration date is:
AValid for one year automatically
BTerminable at will by either party and presumed to last a reasonable time✓ Correct
CValid indefinitely until the property sells
DVoid for lack of essential terms
Explanation
Under NCREC rules, a listing agreement must have a definite termination date. A listing without one is terminable at will and could be considered unenforceable for missing a key term.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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