A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
Correct Answer
D) The listing must specify a definite termination date that is not subject to prior notice
R.I. Gen. Laws § 5-20.5-14 makes failure to specify a definite termination date not subject to prior notice in a listing contract a disciplinary ground. Source basis: Rhode Island Department of State official regulation 230-RICR-30-20-2 § 2.26 and R.I. Gen. Laws § 5-20.5-14; checked 2026-04-30.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
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