Agency
An Arizona buyer who purchases a property without any agent representation is called a(n):
APrincipal
BUnrepresented buyer
CCustomer✓ Correct
DSelf-represented buyer
Explanation
An unrepresented buyer dealing with the listing agent (or selling without any agent) is considered a 'customer'—they receive limited duties of honesty and fair dealing but no fiduciary duties, since no agency relationship exists.
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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.
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.
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.
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