Agency
A buyer's agent in Arkansas owes which duty to the seller?
AFull fiduciary duties identical to those owed to the buyer
BHonest and fair dealing and disclosure of material facts✓ Correct
CNo duty whatsoever to the seller
DA duty to recommend that the seller hire their own agent
Explanation
Even though a buyer's agent represents the buyer, they still owe the seller honest and fair dealing and must disclose material facts. They do not owe the seller fiduciary duties.
Related Arkansas Agency Questions
- An agent's authority to bind the principal in contract is called:
- An agent who has NOT been hired by a buyer but nonetheless acts in ways that create a reasonable belief of representation is an example of:
- A licensee who represents the buyer in a transaction where the licensee's spouse is the seller must:
- If a buyer's agent learns that the buyer's maximum budget is $250,000 while the listing is priced at $230,000, the agent should:
- In Arkansas, dual agency occurs when a broker represents:
- Negligent misrepresentation differs from fraudulent misrepresentation in that it involves:
- A subagent in a real estate transaction owes primary fiduciary duties to:
- The duty of 'accounting' in agency requires a licensee to:
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