Agency
Under Louisiana law, an agency relationship terminates automatically upon:
AThe agent changing brokerage firms
BThe death of either the principal or agent✓ Correct
CThe buyer making an offer
DThe listing expiring without a sale
Explanation
An agency relationship terminates automatically upon the death of either the principal or the agent, as the legal basis for the relationship no longer exists.
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Key Terms to Know
Agency
A 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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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