Contracts
Under Tennessee law, a real estate listing agreement that does not specify an expiration date is:
AValid for a maximum of 6 months by default
BInvalid and unenforceable✓ Correct
CEnforceable for 1 year under TREC rules
DAutomatically renewed each month until cancelled
Explanation
Tennessee requires all real estate brokerage agreements (including listing agreements) to include a definite expiration date. An agreement without an expiration date does not comply with Tennessee license law and is unenforceable.
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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 RegulationLicense Law
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