Under which circumstance can a listing agreement be terminated?

A listing agreement can be terminated if the property is destroyed because the fundamental purpose of the agreement is to facilitate the sale of that specific property. If the property no longer exists due to destruction, there is nothing left to sell, and thus the legal basis for the brokerage relationship becomes void.

The other circumstances do not provide a legal reason for termination in the same way. If a seller finds another broker, it does not automatically terminate the first agreement unless the seller formally cancels it or unless there are stipulations within the contract that provide for termination upon engaging another broker. Changes in the market can affect sales dynamics, but they do not eliminate the contractual obligation established in the listing agreement. Lastly, a broker deciding to no longer work might affect their individual ability to fulfill the agreement, but it does not sever the agreement unless the brokerage or an alternative arrangement is made.