Agency
In Delaware, which of the following would most likely terminate a listing agreement by operation of law?
AThe seller decides to take the property off the market temporarily
BThe death of the seller before an offer is accepted✓ Correct
CThe buyer withdraws their offer before acceptance
DThe listing broker hires a new salesperson
Explanation
Under common law, an agency agreement (including a listing) is terminated by operation of law upon the death or incapacity of either party. The death of the seller terminates the listing 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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