What is revocation?
A revocation refers to retracting or cancelling something that was offered. In real estate, the object of a revocation can vary. Instances include, but are not limited to:
– Revocation of a right of representation – for example, Party 1 has granted power of attorney to Party 2, but conditions have changed and Party 1 decides to change representation, as well. Therefore, Party 1 revokes the power of attorney, and Party 2 no longer acts on behalf and instead of Party 1.
– The same can apply to real estate representation, where a property owner revokes (cancels the authority) that had been previously granted to a real estate agent to represent the owner’s property on the market.
– License revocation – a real estate license can be revoked permanently or temporarily, as disciplinary action towards the license holder. For example, lack of disclosure regarding a property is a form of misrepresentation. If, following the closing of a real estate transaction, a client suffers material loss, which the client considers to be caused by misrepresentation on behalf of the real estate agent, the client may decide to file a lawsuit, which, in turn, may result in a revocation or suspension of the agent’s real estate license
– Offer revocation – a buyer may make offers for several properties, but quickly decides on following through with only one of them. The other offers that were made can, ideally under pre-arranged terms and conditions, be retracted or canceled.
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