Agency
A West Virginia listing agreement is terminated by operation of law when:
AThe listing price is reduced
BThe property is destroyed by fire✓ Correct
CThe broker takes a vacation
DThe seller receives a low offer
Explanation
A listing agreement is terminated by operation of law when the subject matter (the property) is destroyed or when other events make performance impossible, such as the seller's death or the property being condemned.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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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