Prohibits long-term real estate listing contracts over five years.
Bans licensed real estate brokers, salespeople, and broker-salespeople from entering into contracts for the sale of real estate that give them the exclusive right to act as listing agent for the real estate for a period longer than five years. Requires such contracts to include an option allowing the owner of the real estate to terminate the contract early in exchange for an amount that is not greater than the initial contract price, plus six percent of the initial contract price for each year that elapses following the effective date of the contract.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.