Which statement is true regarding the duration of written listing agreements?

Written listing agreements must include a specified duration to ensure clarity and mutual understanding between the real estate broker and the property owner. This duration defines the period during which the broker has the exclusive right to market and sell the property, establishing legal parameters for the relationship and expectations for both parties.

Having a specified duration helps protect the interests of both the seller and the broker. It allows the seller an opportunity to evaluate the effectiveness of the broker's marketing efforts and decide if they wish to continue or terminate the agreement after the agreed-upon time frame. This structured approach prevents misunderstandings and provides a clear timeline for the sale process.

The other options do not reflect the standard requirements for written listing agreements; agreements cannot be indefinite, as it would create uncertainty. Likewise, limiting the duration to just one week would not be practical in most real estate transactions, and the absence of an agreed-upon duration would undermine the foundation of the contractual relationship. Hence, specifying a duration is critical for maintaining professionalism and clear objectives within real estate listings.