Final answer:
A brokerage relationship can be terminated by mutual consent, the death of the Principal, or revocation by the broker. These are all valid scenarios that can end such a professional relationship.
Step-by-step explanation:
The brokerage relationship will last until its purpose has been fulfilled or it is otherwise terminated. The following scenarios would terminate the relationship: a) Mutual consent, where both parties agree to end the relationship; b) Death of the Principal, which ends the principal-agent relationship since the agent can no longer act on behalf of the principal; and c) Revocation by the broker, where the broker decides to end the relationship due to various conditions, such as a breach of contract by the principal or a change in business circumstances.
All of these options are valid reasons that would result in the termination of a brokerage relationship. In real estate and other industries where brokerage relationships are common, it is essential for all parties involved to understand the conditions that might lead to termination.