Under Delaware law, which of the following is a required element of a valid listing agreement?
Correct Answer
B) A definite expiration date for the agreement
Under Delaware law, a valid listing agreement must contain a definite expiration date. This protects sellers from being bound to an agreement indefinitely. A guaranteed sale price, the buyer's name (unknown at listing), and DREC pre-approval are not required elements of a listing agreement.
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Related Topics & Key Terms
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Related Concepts
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
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