Agency
An Alaska seller's agent receives an unsolicited text message from a buyer that contains information about the buyer's maximum purchase price. The agent should:
AShare this information with the seller to help negotiate
BDisclose to the buyer that this information has been received and explain their duty to the seller✓ Correct
CDelete the text without responding
DImmediately forward the message to the buyer's agent
Explanation
The listing agent should disclose to the buyer (or buyer's agent) that the confidential information was received and explain their duty to pass material information to the seller. The agent should then inform the seller that they received information about the buyer's price limit, since this is information received in the course of their agency duties.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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