The initial term is 1 year unless otherwise noted. Why 1 year? Because it’s better than 3 or 6 months. You may think your property will sell right away but this is real estate and you never know what can happen. You could have your home under agreement the first day it hits the market and 7 weeks later you find out your buyer can’t get their financing to go through. When this happens you have to find another buyer and the months start to add up. Since you can cancel your listing at any time without penalty, it’s better to have the luxury of not looking at the calendar.