Agency
In Michigan, when an agent's authority is terminated by the principal (e.g., the listing is cancelled), the agent must:
AContinue to market the property for 30 days
BStop acting on behalf of the principal immediately and maintain any confidentiality obligations✓ Correct
CTransfer the listing to another agent
DDemand payment for all services rendered before stopping
Explanation
When an agency is terminated, the agent must immediately cease all activities on behalf of the former client. However, certain duties such as confidentiality survive the termination of the agency relationship.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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