Agency
A seller's agent represents the seller but has no client relationship with the buyer. What duties does the agent owe to the buyer?
AFull fiduciary duties
BHonesty, fairness, and disclosure of material facts about the property✓ Correct
CNo duties whatsoever
DThe same duties as to the seller
Explanation
Even when not representing the buyer, a seller's agent owes the buyer honesty, fairness, and disclosure of known material facts about the property. These are general duties owed to all parties, distinct from the fiduciary duties owed only to the principal.
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Key Terms to Know
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.
LienA 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.
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