Agency
An agent who continues to represent a client after the listing agreement has expired is acting:
ALegally under an implied agency✓ Correct
BAs a gratuitous agent and may still claim a commission
CWithout authority and may be liable for unauthorized practice
DUnder an automatic extension clause
Explanation
If a broker continues to act on behalf of a client after a formal agreement expires and the client accepts this conduct, an implied agency may be created. However, entitlement to compensation depends on the specific circumstances.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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