Agency
In Alaska, when does a buyer's agency agreement typically terminate?
AOnly when the buyer purchases a property
BUpon the expiration date stated in the agreement, mutual agreement, breach, or completion of the transaction✓ Correct
CWhen the buyer makes their first offer on a property
DOnly when the broker terminates the agreement
Explanation
A buyer's agency agreement terminates at the expiration date stated in the agreement, upon mutual agreement, upon breach by either party, or upon completion of the transaction for which the agent was engaged. Some agreements also include provisions for termination by either party with notice.
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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.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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