What factor must be present for a listing to comply with legal standards?

For a listing to comply with legal standards, it is essential that there is a clear termination date. This requirement helps protect both the seller and the agent by outlining a specific timeframe for the agreement. A defined termination date establishes expectations and ensures that both parties know when their contractual obligations will conclude. This clarity helps prevent misunderstandings, conflicts, and potential legal complications that could arise from an indefinite arrangement.

In contrast, an indefinite listing may leave both parties in a state of uncertainty, which is not conducive to a professional real estate relationship. Similarly, while specifying a minimum price or excluding buyer agents might be strategic choices in a listing agreement, they are not legal requirements for compliance. Hence, the presence of a clear termination date is vital for ensuring that the listing adheres to the necessary legal standards.