Which of the following is NOT a legitimate reason to refuse a listing?

Refusing a listing based on the owner's minority status is not a legitimate reason as it violates fair housing laws. Discriminating against individuals due to their race, color, religion, sex, handicap, familial status, or national origin is illegal under the Fair Housing Act. All clients should be treated equally, and the characteristics or status of an owner should never be a factor in determining whether to accept a listing.

In contrast, the other options represent valid business considerations. If a seller proposes an unreasonable list price, an agent can refuse the listing based on the expectation that it may not attract buyers or lead to a successful sale. Additionally, if the property lies outside the firm's designated geographical service area, taking on the listing may not be feasible. Lastly, if the firm specializes in certain types of properties and the listing does not fit within those parameters, refusing the listing is a reasonable business decision. These considerations are grounded in practical real estate practices, while D represents an unethical stance.