Final answer:
A protection period in a listing contract is a specific duration in which the real estate agent is entitled to a commission even after the contract expires. Exceptions to the protection period can occur if the seller finds a buyer independently or if the property is purchased by someone who previously saw the property but was not interested.
Step-by-step explanation:
In a listing contract, a protection period refers to a specific duration of time in which the real estate agent is entitled to a commission, even if the property is sold after the contract has expired. This period provides the agent with certain rights and safeguards for their effort in marketing and finding potential buyers for the property. The protection period is typically specified in the contract and can vary in length.
However, there are exceptions to the protection period, which can relieve the seller from the obligation to pay a commission. These exceptions may include circumstances where the seller finds a buyer independently, such as a close friend or family member, or if the property is purchased by someone who was previously shown the property during the protection period but was not interested at the time.