Agency
Under Virginia's agency law, an agent's authority to act for a client can be terminated by:
AOnly the client's death
BMutual agreement, expiration of the agreement, client death, property sale, or agent abandonment✓ Correct
COnly the expiration of the listing agreement
DAn order from VREB
Explanation
Agency relationships can be terminated in multiple ways: expiration, mutual consent, completion of the purpose, revocation by the principal, renunciation by the agent, death of either party, or destruction of the subject matter.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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