PSI Virginia Real Estate Practice Exam

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What is the typical duration for the termination of an agency relationship without an agreement?

30 days
60 days
90 days
120 days

The correct answer is: 90 days

The typical duration for the termination of an agency relationship without an explicit agreement is indeed 90 days. This time frame is commonly recognized in real estate practices when there is no written agreement specifying the duration of the agency. In the absence of a contractual agreement, many states, including Virginia, follow the guideline where the agency can naturally terminate after this standard period. This allows both the agent and the principal ample time to reconsider their arrangement or to initiate action if necessary. Other time frames such as 30 days, 60 days, or 120 days do not align with this common understanding and practice. Each of these durations might be relevant in different contexts, but they do not typically represent the norm for unwritten agency terminations in real estate. Understanding this timeline is crucial for both agents and clients to navigate their professional relationships effectively.