Agency
In Oklahoma, which of the following would terminate an agency relationship automatically?
AThe agent completing one transaction
BThe death of the principal or the agent✓ Correct
CThe passage of 90 days from the listing date
DThe agent taking a vacation
Explanation
An agency relationship is automatically terminated upon the death of either the principal or the agent. Other events that terminate agency include mutual agreement, completion of the purpose of the agency, expiration of the term, or impossibility of performance.
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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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