Agency
When a principal broker dies, what happens to the listing agreements held by the brokerage?
AAll listings automatically transfer to the most senior sales associate
BThe listings become void and sellers may freely re-list with another broker✓ Correct
COREC assigns a temporary broker to manage the listings
DThe listings remain binding for 90 days after the broker's death
Explanation
Agency contracts (including listing agreements) are personal to the broker. When a principal broker dies, the agency relationships may terminate, and sellers are generally free to re-list with another broker.
People Also Study
Related Oklahoma Questions
- Oklahoma's OREC requires that listing agreements include an expiration date because:Oklahoma License Law
- Which of the following would terminate an agency relationship in Oklahoma?Agency
- Oklahoma's law requires that the OREC agency disclosure form be signed by:Agency
- Oklahoma's Broker Relationships Act (BRA) allows which of the following agency options for a broker?Agency
- Oklahoma law requires that all listing agreements be:Agency
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.
Study This Topic
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →