Agency
Under Alaska law, which action by an agent would constitute a breach of the duty of 'full disclosure' to a client?
APresenting a below-list-price offer to the seller
BFailing to tell the seller about a competing offer from the agent's friend✓ Correct
CAdvising the seller that the market is slower than six months ago
DRecommending the seller reduce the price
Explanation
Full disclosure requires the agent to tell the client all material information relevant to their interests. Failing to reveal a competing offer — especially from a person the agent knows — would be a serious breach of the duty of full disclosure and could constitute fraud.
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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.
AgencyA 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.
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.
State-Specific Concepts
Disclosure Requirements
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