Terminating Agency Relationships

Question 1

When the property “closes”, it’s either ______ or ____.

Answer 1

When the property closes, either bought or sold.

Question 2

The __________ date stated in the contract. (Hint: when it ends)

Answer 2

The expiration date stated in the contract.

Question 3

ANY TIME by ______ agreement.

Answer 3

ANY TIME by mutual agreement.

Question 4

_____ or incapacity of either party (Hint: lacking life)

Answer 4

Death or incapacity of either party.

Question 5

__________ of either party. (Hint: lacking money).

Answer 5

Bankruptcy of either party.

Question 6

____________ or ___________ of the property (because the sale is no longer possible).

Answer 6

Condemnation or destruction of the property (because the sale is no longer possible).

Question 7

Can the law terminate an agency relationship?

Answer 7

Yes.

Question 8

__________ of the broker’s license.

Answer 8

Revocation of the broker’s license.

Question 9

__________ of the agreement by the principal.

Answer 9

Revocation of the agreement by the principal.

Question 10

___________ by the agent. (Hint: leaving their duties behind).

Answer 10

Abandonment by the agent.

Question 11

___________ of the agreement at any time by the ______.

Answer 11

Termination of the agreement at any time by the broker.

Question 12

What does a broker need to do when they’re given notice of termination?

Answer 12

1. ) stop all marketing
2. ) remove signs and lockboxes
3. ) terminate MLS listing