Breach of Duty Disciplinary action Licensee’s breach of duty is often also a violation of license law. Dept. of Licensing may take disciplinary action even if injured party does not sue. Punishment may include: license suspension or revocation fine
Principal Revokes Agency coupled with an interest Exception: Principal can’t revoke agency coupled with an interest. Agency coupled with an interest: When an agent has a financial stake or other interest in the property (the subject matter of the agency).
Terminating an Agency Termination by operation of law Agency may terminate by operation of law through: expiration of term fulfillment of agency’s purpose death, incompetence, or bankruptcy of either party extinction of subject matter
Designated Broker and Broker Employee or independent contractor For certain purposes, real estate licensee may be classified either as: firm’s employee, or independent contractor Some employment and tax laws apply only to employees, not to independent contractors.