Agency
A listing agent learns that the seller is willing to accept $10,000 less than the asking price. Under seller agency, the agent:
AMust disclose this to any interested buyer
BMust keep this information confidential from buyers✓ Correct
CMust disclose it to the buyer's agent upon request
DMust inform AREC of the seller's motivation
Explanation
The seller's willingness to accept less than the asking price is confidential information that the listing agent must protect under the duty of confidentiality owed to the seller-client.
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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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
State-Specific Concepts
AREC Regulation
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