Under Rhode Island law, which of the following is a required element of a valid listing agreement?
Correct Answer
B) A definite expiration date for the listing period
Rhode Island law requires that every listing agreement contain a definite expiration date. This protects sellers from being bound to an agent indefinitely. A guaranteed sale price, a pre-identified buyer, and DBR approval are not required elements of a valid listing agreement.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
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.
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