A broker was hired only to locate a buyer for a listed property, and the transaction closes exactly as planned. What is the most direct reason the agency has ended?
Correct Answer
B) Termination by performance
Termination by performance is correct because the facts match the ending of an agency relationship when its purpose has been completed. That is the best description of the relationship, right, or legal concept tested here.
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Without prior permission, Quinn Brooks signs a small repair authorization on behalf of the owner. The owner later approves the act after learning all material facts. What has occurred?
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A listing agreement states that it ends at midnight on September 30, and no extension is signed. What event terminates the agency on that date?