Agency
Which of the following actions would terminate an agency relationship in Alaska by operation of law?
AThe listing price is reduced
BThe death of the principal or agent✓ Correct
CThe agent takes a vacation
DThe property fails to sell within the listing period
Explanation
Agency relationships are terminated by operation of law upon the death, incapacity, or bankruptcy of either the principal or the agent, among other events.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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