90. Liz listed her property with an agreement end date of May 31. The property went under contract on May 12, and the buyer's earnest money was deposited on May 13. Based on the home inspection results, the buyer legally terminated the contract on May 20. When did the listing agreement between Liz and the listing broker officially terminate?
Answer: D
The listing agreement between Liz and the listing broker officially terminated on May 31.
The listing agreement remains in effect until its stated end date, which is May 31 in this case. Even though the buyer terminated the contract on May 20, that action does not affect the duration of the listing agreement.
A) 12-May
This option is incorrect because the property went under contract on May 12, but that does not signify the termination of the listing agreement. The listing agreement continues until the specified end date unless explicitly terminated by the broker or the seller.
B) 13-May
This option is incorrect as well. The earnest money was deposited on May 13, but this transaction does not impact the listing agreement's status. The agreement remains active until the end date of May 31.
C) 20-May
Although the buyer legally terminated the contract on May 20, this does not terminate Liz's listing agreement with her broker. The agreement is still valid until May 31, making this option incorrect.
D) 31-May
This option is correct because the listing agreement explicitly states an end date of May 31. The buyer's termination of the contract does not alter the duration of the listing agreement, which remains in force until the specified date.
Conclusion
The correct answer is May 31, as that is the defined termination date of the listing agreement. All other options are incorrect because they either reflect actions related to the contract or misunderstand the nature of the listing agreement, which is unaffected by the buyer's decision to terminate.