Indiana Real Estate Commission Statutes and Rules Practice Test 2025 – Comprehensive Exam Prep

In the State of Indiana, listing contracts must indeed be in writing and must include a definite expiration date to ensure clarity and compliance with local real estate laws. This requirement serves to protect both the agents and the property owners by setting clear expectations regarding the duration of the agreement and the terms under which the property will be marketed.

The necessity for a definite expiration date is crucial because it helps prevent situations where a property remains listed indefinitely without the owner's ongoing consent, which could lead to disputes over commission payments or the agent’s authority to act on behalf of the seller. Additionally, having a written document establishes a formal record of the agreement, providing both parties with a point of reference in case any disagreements arise.

Options that suggest oral agreements or require contracts to be in triplicate do not align with the statutory requirements, as they could potentially lead to misunderstandings and lack of enforceability. The notion that only one property owner can sign the contract overlooks the importance of having all relevant parties involved and agreeing to the terms outlined in the contract. Hence, the requirement for contracts to be in duplicate and to contain a specific expiration date is foundational to real estate transactions in Indiana.