Under West Virginia law, a listing agreement between a seller and a broker must:
Correct Answer
A) Be in writing and include a definite expiration date
West Virginia Code §30-40-22 requires that listing agreements be in writing and contain a definite expiration date. A listing agreement that does not include a specific termination date may constitute an unfair or deceptive practice under WV law. This requirement ensures sellers are not indefinitely bound to a broker and promotes transparency in the agency relationship.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
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.
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