Final answer:
A listing agreement between a real estate agent and a property owner typically requires the property address, commission rate, and expiration date, but not the seller's favorite color.
Step-by-step explanation:
According to the Michigan Board of Real Estate Brokers and Salespersons, a listing agreement is a contract between a real estate agent and a property owner that grants the agent the right to market and sell the property. The required elements of a listing agreement typically include the property address, commission rate, and expiration date. However, the seller's favorite color is not considered a required element of a listing agreement.