AgencyIntermediateAlaska Exam

In Alaska, a seller's agent owes which of the following duties to an unrepresented buyer?

AFull fiduciary duties including loyalty and confidentiality

BHonesty, fairness, and disclosure of known material defectsCorrect

CThe same duties owed to the seller

DNo duties whatsoever

Why Honesty, fairness, and disclosure of known material defects Is Correct

Answer B: Honesty, fairness, and disclosure of known material defects

A seller's agent owes limited statutory duties to unrepresented buyers, including honesty, fairness, and disclosure of known material facts. The full fiduciary duties of loyalty, confidentiality, and undivided allegiance are owed only to the seller-client.

Exam Tip: Agency

Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.

Key Agency Terms in This Question

Lien

A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.

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Key Terms to Know

Lien

A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.

Fiduciary Duty

The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.

Buyer's Agent

A 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.

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