Under Ohio law, when a seller listed property is sold and the transaction closes, the listing agreement:
Correct Answer
D) Terminates because its purpose has been fulfilled through the successful sale
Under Ohio law, the listing agreement's purpose is to facilitate the sale of the property. When the property sells and closing is completed, the agreement is fulfilled and terminates.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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