Final answer:
The principal can terminate a listing only for a valid reason specified in the contract, typically requiring a written notice with specific conditions such as a notice period or just cause. Option 3
Step-by-step explanation:
Regarding the termination of a listing by a principal, Option 3 is the most correct: The principal can terminate a listing only for a valid reason specified in the contract. According to standard leasing or listing agreements, termination typically requires certain conditions to be met, such as providing a written notice of intention to terminate, often with a specific notice period like 30 days before the contract ends.
Additionally, there may be clauses specifying 'just cause' requirements, where a valid reason for termination must be documented.
It is not generally correct that a listing can be terminated by the principal at any time without cause (Option 1), or that it requires the agent's consent (Option 2), or that it can be terminated if the property fails to sell within an arbitrary time frame such as a week (Option 4). Option 3