Under Mississippi license law, which of the following is a required element of a valid listing agreement?
Correct Answer
B) A definite expiration date for the agreement
Mississippi license law requires that all listing agreements contain a definite expiration date. An open-ended or automatically renewing listing agreement without a fixed termination date is prohibited under MREC rules. While a listing price is typically included, it is set by the seller — not the broker — and is not the single statutory requirement being tested here. No prospective buyer or MREC approval is required to create a valid listing agreement.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
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