Oregon 30-Hour Real Estate Law Practice Test

What is the status of the listing agreement between Melissa and Greg after they signed it on February 12?

1. It is still active

2. It expired in July

3. It expired in August

4. It was renewed in September

The correct answer is: It expired in August

The status of the listing agreement hinges on its time frame and any specific terms stated within the agreement. Typically, listing agreements have a defined duration, often set for several months. If Melissa and Greg signed the agreement on February 12 and there is no indication in the question about a renewal or extension, we can infer that the listing agreement would naturally expire after the agreed-upon duration. If the agreement lasted for six months, it would typically end around August 12. Consequently, if the answer states that it expired in August, this would align with the standard time frames used in real estate listing agreements. Understanding the usual duration of such agreements and any renewal terms included would provide crucial insights into the status of the contract after its initial signing. It’s essential to read the specific terms of a listing agreement to determine its exact expiration date, but given the context provided, it is reasonable to conclude that it expired in August if it was a six-month agreement.