Agency
When does an agency relationship typically terminate?
AOnly when the agent chooses to end it
BUpon completion of the purpose, expiration of the agreement, mutual consent, or operation of law✓ Correct
COnly upon death of the principal
DWhen a competing offer is presented
Explanation
An agency relationship terminates upon: fulfillment of the agency's purpose, expiration of the agreement term, mutual consent of the parties, or operation of law (such as death, insanity, or bankruptcy of either party).
Related Arkansas Agency Questions
- Which of the following best describes ratification as a method of creating an agency?
- In Arkansas, what must occur before a broker can represent both the buyer and seller in the same transaction?
- Which of the following is NOT a fiduciary duty owed by an agent to their client?
- A licensee who assists a buyer in a transaction but does not represent them is most accurately described as a:
- When does an agency relationship with a buyer typically begin?
- In an Arkansas real estate transaction, the agent who represents the seller is typically called the:
- An agent who represents the buyer in a real estate transaction owes which of the following duties to the seller?
- A buyer's agent who learns their client has been pre-approved for $350,000 but is making an offer of $290,000 should:
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