Agency
A licensee who represents the buyer in a transaction where the licensee's spouse is the seller must:
AImmediately withdraw from the transaction
BDisclose the relationship to the buyer-client and obtain written consent✓ Correct
CTransfer the listing to another agent without disclosure
DProceed without disclosure as long as the transaction is fair
Explanation
A personal relationship (spouse, family member, business partner) with the other party creates a conflict of interest that must be fully disclosed to the client. The agent must obtain written consent before proceeding.
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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.
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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