Contracts
In Tennessee, a listing agreement that automatically renews unless canceled is called a:
AExclusive right-to-sell agreement
BEvergreen clause provision✓ Correct
COpen listing
DNet listing
Explanation
An 'evergreen' or automatic renewal clause causes a listing agreement to renew automatically for an additional term unless the seller provides timely cancellation notice. TREC has rules limiting such clauses.
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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.
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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
State-Specific Concepts
TREC Regulation
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