Agency
An Arkansas buyer's agent learns that their buyer client is willing to pay up to $250,000 for a property listed at $235,000. The agent:
AMust disclose this information to the listing agent
BMust keep this information confidential from the seller and listing agent✓ Correct
CShould disclose it only if the seller asks directly
DShould include it in the written offer to strengthen the buyer's position
Explanation
The buyer's maximum price is confidential client information. A buyer's agent owes the duty of confidentiality to their client and must not disclose the buyer's top price to the opposing party.
Related Arkansas Agency Questions
- An agent's authority to bind the principal in contract is called:
- A licensee working as a buyer's agent has a personal interest in a listing their buyer wants to purchase. The agent must:
- An agent's duty to disclose requires the agent to share all information that is:
- The duty of reasonable care in real estate agency means the agent should:
- The duty of confidentiality survives the termination of the agency because:
- The duty of obedience in an agency relationship requires the agent to:
- Which type of listing agreement is generally considered most advantageous to the listing broker?
- In Arkansas, what must occur before a broker can represent both the buyer and seller in the same transaction?
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