Agency
A Massachusetts listing agent's seller dies before the closing. The listing agreement:
AContinues and the agent may close the transaction
BTerminates automatically because an agency relationship terminates upon the principal's death✓ Correct
CTransfers to the seller's estate automatically
DMust be renegotiated with the estate at the original terms
Explanation
Agency relationships in Massachusetts terminate automatically upon the death of the principal (seller). The listing agreement terminates, and the estate's representative must decide how to proceed, which may include entering a new listing agreement.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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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