Agency
In Colorado, which of the following would terminate a listing agreement?
AA. The broker working hard to find buyers
BB. The death of the seller, mutual consent of the parties, expiration of the listing term, or destruction of the property✓ Correct
CC. The buyer submitting a low offer
DD. The broker presenting multiple offers
Explanation
Listing agreements can be terminated by: expiration of the agreed term, mutual consent, death of the principal (seller), destruction of the property, broker's breach, seller's breach, or fulfillment of the purpose (sale). The broker's diligent efforts do not terminate the agreement.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA 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.
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