Agency
Which of the following is NOT a way an agency relationship in Georgia can be terminated?
ACompletion of the purpose
BMutual agreement
CDeath of the agent
DThe client deciding to use a different property✓ Correct
Explanation
An agency relationship does not automatically terminate simply because the client is considering a different property. It terminates upon completion of purpose, mutual agreement, expiration, death/incapacity, or breach.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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