Final answer:
An advance fee contract used in connection with a real estate or business opportunity listing must include certain elements, but the guarantee of success or income is not required.
Step-by-step explanation:
An advance fee contract used in connection with a real estate or business opportunity listing must include several important elements to protect both parties involved. However, there is one element that is not required in such contracts.
The elements that must be included are:
- The specific services to be provided
- The total fee amount or the method to calculate it
- Whether the fee is refundable under certain conditions or non-refundable
- The terms and conditions of the agreement
The element that is not required in an advance fee contract is the guarantee of success or income. It is important for individuals or firms to be aware that there are no guarantees of success or income when entering into such contracts.