AgencyAdvancedNorth Carolina Exam

In North Carolina, a broker's agency relationship is terminated by all of the following EXCEPT:

ACompletion of the transaction

BSimply mutual agreement between the parties, one of the ways agency actually can terminate rather than the excluded method being asked about

CDeath of the broker

DListing the property in the MLSCorrect

Why Listing the property in the MLS Is Correct

Answer D: Listing the property in the MLS

Agency terminates by completion, expiration, mutual agreement, death or incapacity of a party, destruction of the property, or breach. Listing in the MLS is part of the agent's duties and does not terminate the relationship.

Exam Tip: Agency

Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.

Key Agency Terms in This Question

Agency

A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.

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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 Agreement

A 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.

Dual Agency

A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.

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Agency Law Guide

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