Agency
In North Dakota, a listing agreement that automatically renews for successive periods unless cancelled is called:
AAn open listing
BA perpetual listing
CAn 'evergreen' or automatic renewal clause, which requires careful review by the seller✓ Correct
DA net listing
Explanation
Listing agreements with automatic renewal (sometimes called 'evergreen') clauses continue beyond the initial term unless cancelled by a specified date. These clauses require careful attention from sellers and are a point of scrutiny in some states' real estate regulations.
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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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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