What is true about the term of the KREC Exclusive Right to Sell Agency Contract?

The statement regarding the KREC Exclusive Right to Sell Agency Contract requiring a specified start and end date is correct because this type of contract is fundamentally designed to establish clear boundaries for the duration of the agency relationship. By having defined start and end dates, both the seller (principal) and the agent (broker) understand exactly when the contractual obligations begin and when they conclude. This is important for ensuring that all parties are aware of their rights and responsibilities within the specified time frame, promoting accountability and helping to avoid misunderstandings or disputes.

In general, contracts that do not specify timelines can lead to ambiguity about when services are to be rendered, which can complicate the enforcement of the contract or the initiation of a termination process. Therefore, clarity in the duration of the agreement is crucial in real estate transactions to protect both parties involved.