Which of the following is an element of a listing agreement?

A listing agreement is a formal arrangement between a property owner and a real estate agent, granting the agent the authority to sell the property. One critical element of this agreement is the stipulation of a commission fee, which is typically calculated as a percentage of the sale price. This commission structure serves as an incentive for the agent to actively market and sell the property, aligning their financial motivation with the seller's goal of completing a sale.

The other components mentioned, while important in other contexts, are not necessarily defining elements of a listing agreement. For instance, property description and location are usually included in the listing agreement to identify the property but are not the primary factors that constitute its core elements. Similarly, terms of financing and closing conditions may be relevant later in the transaction process, but they do not form fundamental components of the agreement between the seller and the agent at the outset. The emphasis on the commission agreement highlights the professional relationship and the mutual interests of both parties involved in the real estate transaction.