Agency
In New Mexico, which of the following would terminate an agency relationship by operation of law?
AThe client moving to another state
BThe death or incapacity of the principal or agent✓ Correct
CA change in market conditions
DThe property being listed on the MLS
Explanation
Agency terminates by operation of law upon the death or legal incapacity of either the principal or agent. Other events include destruction of the subject matter, bankruptcy, or impossibility of the agency purpose.
Related New Mexico Agency Questions
- The duty of confidentiality in an agency relationship means the agent must:
- In New Mexico, 'ratification' of an agent's unauthorized act occurs when:
- In New Mexico, 'subagency' occurs when:
- In New Mexico, which of the following would constitute 'material fact' requiring disclosure by a real estate agent?
- In New Mexico, a buyer's agent who learns that the seller recently made a large reduction in asking price should:
- In New Mexico, a broker's listing agreement expires. Can the broker continue to show the property?
- Informed consent for dual agency in New Mexico must be:
- In New Mexico, which of the following is an example of an agent's breach of the fiduciary duty of 'accounting'?
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