Agency
When does an agency relationship typically terminate in Mississippi real estate?
AOnly when the property is sold
BUpon completion of the transaction, expiration of the agreement, mutual agreement, or by operation of law✓ Correct
CAfter 6 months regardless of transaction status
DWhen either party sends a certified letter
Explanation
Agency relationships terminate upon completion of the transaction, expiration of the agency agreement, mutual agreement to terminate, death or incapacity of either party, or other operation of law.
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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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