Agency
Under Ohio law, an agent's authority to act on behalf of a principal is terminated by:
AThe listing being entered into MLS
BThe death of the principal✓ Correct
CA third-party offer being submitted
DThe agent taking a vacation
Explanation
An agency relationship is automatically terminated upon the death or incapacity of either the principal or the agent, fulfillment of purpose, expiration, or mutual agreement.
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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 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.
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