Agency
If a seller's agent inadvertently creates an implied agency relationship with a buyer by extensively advising them, the most significant risk is:
AThe buyer can claim the agent owes them fiduciary duties✓ Correct
BThe listing will be automatically cancelled
CThe MLS will de-list the property
DThe seller's commission obligation is voided
Explanation
If a listing agent's conduct creates an implied agency relationship with the buyer, the buyer may claim that the agent owes them fiduciary duties. This creates a dual agency situation that may be undisclosed and unconsented, exposing the agent to serious legal and disciplinary liability.
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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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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