Agency
A Wisconsin seller's listing agreement automatically terminates if the property:
AReceives no offers within 30 days
BIs destroyed by fire during the listing period✓ Correct
CIs listed in the MLS
DReceives a below-list-price offer
Explanation
A listing agreement terminates if the property is destroyed during the listing period because the subject matter of the contract (the property) no longer exists.
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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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