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Revocation refers to the terminating, recalling, canceling or annulling a power of authority that has been conferred to a third party.
This essentially means that if someone has been hired to represent you, then revocation refers to stripping that representative of any authority to represent you anymore.
Revocation is a term that is usually used in the canceling of:
- Power of attorney
- Agency representation
- License to practice something
In real estate it is mostly associated with the termination of an agent’s service where the agency contract has been revoked by the homeowner or seller.
When this occurs, it usually means that a complete breakdown of relationship has occurred between the agent and the people he represent.
This is because exclusivity contracts would expire automatically after a certain period of time. And if revocation is initiated, the client must be very unhappy with the service provided to be unwilling to wait for auto-termination.
Premature termination of exclusivity contracts can mean a financial penalty if there is done with no grounds for justification.
However, if the rewards of firing an agent is substantial, it should be an easy decision to make.