Agency
When does an agency relationship typically terminate in a real estate transaction?
AWhen the listing is entered into the MLS
BUpon completion (closing) of the transaction or expiration of the listing agreement✓ Correct
CWhen the buyer makes an offer
DWhen AREC records the transfer of agency
Explanation
Agency terminates upon performance (closing), expiration of the listing agreement, mutual agreement, death/incapacity of a party, or other legally recognized termination events.
Related Arkansas Agency Questions
- Designated agency means:
- The duty of accounting requires the agent to:
- A transaction broker in Arkansas:
- The duty of 'accounting' in agency requires a licensee to:
- The duty of 'accounting' in an agency relationship means the agent must:
- The agency relationship between a listing broker and seller is typically created by:
- Under the NAR Code of Ethics (Standard of Practice 1-15), REALTORS® must disclose to the buyer:
- A seller's agent who fails to disclose that the subject property is in a flood zone to a buyer may be liable for:
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