Agency
A listing agent who, without authorization, tells the buyer that the seller will accept $20,000 below list price has breached the duty of:
ADisclosure
BAccounting
CConfidentiality✓ Correct
DObedience
Explanation
Revealing the seller's bottom-line price without authorization is a breach of the agent's duty of confidentiality. The agent is obligated to keep the client's negotiating position confidential unless authorized to disclose it.
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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.
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