Your name is Emmett Fitzhume and you are currently employed with the brokerage firm, Realtors Inc. On a beautiful, Friday afternoon, five minutes before youre ready to leave for a fun and exciting weekend, Austin Millbarge enters the lobby, looking for a potential realtor to assist in the purchase of a home. Austin is looking to enter into an exclusive agency relationship for the next few months, from May to August. Austin wants the firm and all of its agents to represent only him and advocate for only his interests during the transaction. Since Austin is a professor of Property Law in Vermillion, he states that he is interested in purchasing real property (two-bedroom bungalow) with all appliance and furniture. Austin would like to spend between $300,000 - $400,000 and would like to live in the Sioux Falls area. Austin, feeling bad about holdings up your weekend, agrees that your compensation shall be 20% of the sales price, or at least $60,000. Austin even agrees to pay you your compensation if he purchases property that was shown to him, by you, 10 days within the end of the agreement.

Mr. Millbarge has also requested some additional information regarding agency relationships. Please answer these five questions below and upload your answers to the Dropbox.

1. Mr. Millbarge would like to know if the agency relationship can be terminated and what are the potential ways in which the relationship can be terminated? Please elaborate.
2. Mr. Millbarge was a former student and remembers that a broker owes the principle certain duties. What are these duties? Also, please define each duty.
3. Mr. Millbarge is also curious whether any duties are owed to third parties and what are those duties? Also, please define those duties.
4. Mr. Millbarge has asked you to define puffing, fraudulent misrepresentation, and negligent misrepresentation. What is a real-world example of each?
5. Mr. Millbarge would also like to know whether you must be compensated to act as an agent? Can you be an unpaid agent? What type of agency relationship is unpaid?