Agency
When a Georgia listing expires without a sale, the seller's fiduciary obligations to the agent:
AA. Continue for one year after expiration
BB. End with the listing, though protection periods for named prospects may still apply✓ Correct
CC. Convert to a buyer's agency relationship
DD. Require the seller to pay a cancellation fee
Explanation
When a listing expires, the agency relationship ends. However, most listings contain a 'protection period' clause — if the seller sells to a prospect introduced by the agent during the listing term within a set period after expiration, the commission is still owed.
Related Georgia Agency Questions
- The term 'fiduciary' comes from the Latin word for:
- Under the duty of obedience, an agent must follow the client's instructions EXCEPT when those instructions are:
- An agent who acts outside the scope of their authority creates what type of liability?
- The 'procuring cause' doctrine is relevant to commission disputes because it determines:
- The duty of 'loyalty' in a fiduciary relationship requires the agent to:
- A Georgia agent's brokerage engagement with a buyer 'expires.' The buyer then submits an offer on a property the agent showed them during the engagement period. The agent:
- In Georgia, what document must be presented to a buyer at the first substantial contact?
- In Georgia, 'subagency' has been largely eliminated by BRRETA. What replaced it?
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