On March 1, a licensee took an exclusive right-to-sell listing on a property for 120 days. On April 30, the licensee forgot to renew his real estate license. Which of the following is true regarding the listing

The expiration of the licensee's real estate license does not automatically void the listing agreement. The contract is between the property owner and the broker, not the individual licensee. Therefore, the owner does not have grounds to void the agreement solely based on the licensee's license expiration.

The listing does not automatically expire when the licensee's license lapses. The listing agreement remains valid because it is tied to the sponsoring broker's active license, which allows the broker to continue acting on behalf of the owner regardless of the individual licensee's status.

The sellers cannot relist the property with another company while the original listing agreement is still in effect. The agreement remains valid under the sponsoring broker, and the sellers are still bound by the terms until the listing period expires or is otherwise terminated.