New Jersey Real Estate Practice Exam Practice Question
With regard to the termination dates in listing contracts, which of the following statements is CORRECT?
Correct Answer: B
Rationale: Option B is accurate as exclusive agency listings are legally required to include a definite termination date to ensure clarity and protect the interests of both parties.
Option A is incorrect because oral listings, regardless of having a definite termination date, are generally unenforceable due to lack of written documentation.
Option C is misleading; while exclusive right-to-sell listings may not always require a specific termination date, having one is often considered best practice for clarity.
Option D is incorrect in that automatic extensions can complicate agreements and are not standard practice in listing contracts, which typically require explicit terms for termination.
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