Agency
Under Idaho law, what happens to the agency relationship when a real estate transaction closes?
AThe agency relationship continues indefinitely
BThe agency relationship generally terminates upon completion of the purpose for which it was created✓ Correct
CThe agency relationship must be formally terminated by IREC
DThe agency relationship converts to a property management relationship
Explanation
Agency relationships in Idaho terminate upon completion of the purpose for which they were created. For a listing agent, the agency ends when the sale closes. However, agents retain ongoing duties of confidentiality regarding information learned during the agency relationship.
Related Idaho Agency Questions
- What is 'express agency' in Idaho real estate and how is it typically created?
- What is an 'agency coupled with an interest' in Idaho real estate?
- Which fiduciary duty requires an Idaho agent to place the client's interests above the agent's own interests?
- Implied agency can be created when:
- What is 'single agency' in Idaho real estate?
- In Idaho, what happens to an agency relationship if the property under a listing agreement burns down?
- The duty of obedience in agency relationships requires an agent to:
- The fiduciary duty of loyalty requires an agent to:
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