A broker signs a listing agreement with a seller. The agreement contains the following clause: "If the property has not been sold after three months from the date of this signing, this agreement will automatically continue for additional three-month periods thereafter until the property is sold." Based on these facts, the agreement
A) is legal under Texas law because the list periods are for fewer than six months each.
B) provides grounds for loss of the broker's license.
C) automatically receives a statutory six month listing period to this open listing in Texas.
D) is legal under Texas law because it contains a reference to a specific time limit.
Answer: B) provides grounds for loss of the broker's license.
Listings must contain a definite termination date not subject to prior notice or the licensee could face TREC disciplinary action.
You might also like to view...
Answer the following statement(s) true (T) or false (F)Answer the following statement(s) true (T) or false (F)
1. Tests for employment can only be written exams. 2. Companies typically do worse financially after a large-scale layoff than they did before. 3. In HR forecasting you should use either quantitative or qualitative methods, not both. 4. The two primary outcomes from a job analysis are the job description and the job specification. 5. Job analysis is only important to HR Managers, Line managers don't need to understand it.
The National Collegiate Athletic Association refers to student-athletes from other countries as nonresident aliens.
a. true b. false