What must all agency agreements include?

The inclusion of a beginning and ending date in agency agreements is essential as it defines the timeframe during which the agreement is valid. This clearly establishes the period in which the agent is authorized to act on behalf of the principal (the client). Specifying a duration helps to avoid any ambiguity regarding the agent's authority, informs all parties involved about the timeline for activities related to the transaction, and protects both the agent's and the principal's interests.

Defining the start and end dates allows for clear expectations and serves as a reference point for the performance of duties outlined in the agreement. Without this critical information, it would be challenging to determine if or when the agreement is still active, potentially leading to misunderstandings about the agent's rights and responsibilities.

The other choices, while related to agency agreements, are not universally required elements. For instance, the properties the agent can sell or specific commission rates may vary based on the nature of the agreement and local laws. Similarly, the closing location is not a standard element of all agency agreements. Understanding which components are essential helps to ensure that all agency agreements are appropriately structured and legally binding.