Agency
Agency can be terminated by all of the following EXCEPT:
AMutual agreement of the principal and agent
BExpiration of the listing agreement
CA buyer making an offer on the listed property✓ Correct
DDeath of the principal
Explanation
A buyer making an offer does not terminate agency. Agency relationships typically end by mutual agreement, expiration of the contract term, completion of the purpose, revocation, renunciation, or death/incapacity of either party.
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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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