Which of the following statements is true regarding listing contracts in New York?

In New York, listing contracts must specify a termination date to be considered valid and enforceable. This requirement ensures that both the real estate agent and the property owner's obligations are clearly defined within a specific timeframe. By including a termination date, it establishes expectations regarding the duration of the agreement and offers a clear point at which the contract may be reviewed or concluded.

Setting a termination date is vital for both parties to manage their commitments and make decisions regarding future listings or potential renewals. Without such a date, the contract could create ambiguity regarding its validity, leading to possible disputes or misunderstandings.

The other options do not align with the legal framework governing listing contracts in New York. For instance, while a contract could potentially remain active for a long time, it cannot remain indefinitely so without specified terms. Similarly, automatic extensions without written consent would undermine the need for clear mutual agreement on the contract's status. Lastly, while verbal agreements can occur, real estate practices in New York prefer written agreements to ensure clarity and legal enforceability, making written contracts the norm.