Agency
Under Mississippi agency law, when is an agency relationship automatically terminated by operation of law?
AWhen the agent takes a vacation
BUpon the death or incapacity of either the principal or the agent, destruction of the subject property, or expiration of the listing agreement✓ Correct
CWhen the agent changes brokerages
DAfter 90 days regardless of the listing agreement term
Explanation
Agency relationships are terminated automatically by operation of law upon: the death or incapacity of either party, destruction of the subject property, completion of the purpose, expiration of the listing agreement, or mutual agreement to terminate. Death or incapacity immediately terminates the agency without notice.
People Also Study
Related Mississippi Questions
- Under Mississippi agency law, which of the following would automatically terminate an agency relationship?Agency
- A Mississippi property manager's management agreement is terminated by the property owner without cause and before the agreement's expiration date. The manager is typically entitled to:Property Management
- In Mississippi, the agency relationship created by a listing agreement is best described as:Agency
- When does an agency relationship typically terminate in Mississippi real estate?Agency
- Under Mississippi law, an agency relationship can be terminated by all of the following EXCEPT:Agency
- A Mississippi residential lease typically specifies that the tenant must give advance notice to terminate a fixed-term lease. If the tenant vacates before the lease ends without proper notice:Property Management
- A Mississippi property management agreement is terminated by the owner before its stated expiration. The property manager may be entitled to:Property Management
- A Mississippi listing agreement expires without a sale. The seller then sells the property themselves to a buyer the agent had shown the property to during the listing period. The agent may be entitled to compensation if the listing agreement contained a:Contracts
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.
Study This Topic
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →