Which of the following may NOT terminate an agency relationship?

In an agency relationship, various factors can lead to the termination of that relationship. However, decreased market conditions are not typically seen as a valid reason for terminating an agency relationship. Market conditions are external factors that can fluctuate but do not inherently affect the legal relationship between the principal and the agent.

On the other hand, events such as the death of the principal, destruction of the property, and expiration of the terms of the agency are recognized as events that can terminate an agency. The death of the principal ends the authority of the agent, as the agency relationship is fundamentally connected to the principal's life. Similarly, if the property that the agency is based on is destroyed, there is no longer a subject for the agency to act upon, resulting in termination. Lastly, once the agreed-upon term of the agency expires, the relationship concludes unless renewed by both parties.

Thus, decreased market conditions do not legally terminate an agency relationship, making it the correct answer to the question.