What essential element must an exclusive listing include?

An exclusive listing must include a definite date of expiration to establish a clear timeline for the agreement between the seller and the agent. This element is crucial because it defines the period during which the agent has the exclusive right to market and sell the property. If there is no specified expiration date, the agreement could potentially lead to confusion or disputes regarding when the listing agreement is no longer valid, leaving both the agent and the seller unclear about their obligations and rights after a certain period.

It's important to note that while other aspects like the price, property description, and agent's commission are significant components of a listing agreement, the expiration date marks the bounds of the relationship and the terms of the contract, providing necessary clarity and structure to the listing.