Which of the following must be present in every listing agreement?

The correct answer highlights an essential component of a listing agreement: a description of the real property. This is crucial because the listing agreement serves as a formal representation of the property that is being sold or leased, and it outlines the specific details of the property involved in the transaction. A clear description helps to identify the property accurately, avoiding any confusion or disputes regarding which property is listed. This detail is fundamental for both the seller and the buyer, as well as for the real estate professional facilitating the transaction.

While other elements, such as a description of services offered or a contingency clause, can be important in a broader real estate agreement, they are not universally mandatory in every listing agreement. The requirement for a referral fee specification also varies based on brokerage practices and individual agreements. Thus, the presence of a property description is the critical requirement that anchors the listing agreement and clarifies what is being represented in the real estate market.