Arizona State University (ASU) REA380 Real Estate Fundamentals Exam 2 Practice Exam

The element of a listing agreement that is NOT included is the offer price. A listing agreement primarily establishes the terms between the property owner and the real estate broker regarding the marketing and sale of the property.

The listing price is a critical component, as it reflects what the seller aims to achieve for the property during the sale process. The location of the property is fundamental to the listing agreement, as it identifies where the property is situated and can impact marketing strategies. The authority granted to the broker is also essential because it outlines the broker's rights and responsibilities in representing the seller.

In contrast, the offer price pertains to what a buyer is willing to pay for the property once offers are presented. This is not part of the initial agreement between the seller and the broker, making the offer price a critical aspect during the negotiation phase but not part of the foundational elements of the listing agreement itself.