Under Idaho law, which of the following is a required element of a valid listing agreement?
Correct Answer
B) A definite expiration date for the agreement
Idaho law and IREC rules require all listing agreements to contain a definite expiration date. An open-ended or perpetual listing is not enforceable and violates IREC regulations. This requirement protects sellers from being indefinitely bound to a broker. Commission rates are negotiable between the parties and are not set or approved by IREC, and a seller's mortgage balance is not a required element of a listing agreement.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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