Agency
In Florida, a real estate broker who discovers that a seller they represent has died during the transaction must:
AContinue the transaction since the contract was already signed
BNotify all parties, as the seller's death terminates the listing agreement and the seller's power to convey title✓ Correct
CTransfer the listing to the estate administrator automatically
DProceed only with written permission from the deceased's heirs
Explanation
A listing agreement is a personal services contract that terminates upon the death of the principal (seller). The broker must notify all parties.
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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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