Section 696.NEW - [Newly enacted section not yet numbered] [Effective 1/1/2025](1)(a) As used in this section, "future right to list contract" means a contract granting a right to list, or to refer to another for listing, residential real estate for sale in the future and includes, but is not limited to, any document recorded in the county where the real estate is located relating to the contract, including the contract itself, a memorandum concerning the contract, or a deed of trust to secure the terms of the contract.(b) "Future right to list contract" does not include a will or trust instrument in which the testator or settlor instructs a personal representative or trustee to use the services of a particular real estate licensee or firm upon the death or incapacity of the testator or settlor.(2) A real estate licensee may not solicit, enter into or give or receive compensation arising from a future right to list contract if:(a) The duration of the contract, including any renewals thereof, exceeds 24 months;(b) The contract purports to run with the land or to be binding on future owners of interests in the real property;(c) The contract allows for assignment of the right to provide service without notice to and consent of the owner of residential real estate; or(d) The contract purports to create a lien, encumbrance or other real property security interest.(3) This section does not apply if the future right to list contract is entered into between a real estate licensee and a corporation, limited liability company or partnership and is for the right to list the real property of the corporation, limited liability company or partnership.Added by 2024 Ch. 3,§ 21, eff. 1/1/2025.