Contracts
A Washington listing agreement that does not have an expiration date is:
AValid indefinitely
BLegally problematic because Washington requires a definite termination date in listing agreements✓ Correct
CValid for 1 year by operation of law
DOnly valid until the seller finds a buyer
Explanation
Washington's real estate license law requires listing agreements to have a definite expiration date. A listing without a specified termination date is contrary to DOL rules and may not be enforceable.
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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.
State-Specific Concepts
License Law
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