Agency
A Connecticut buyer's agent who is also a licensed attorney offers to handle the closing for the buyer for an additional fee. This would be:
APerfectly acceptable at all times
BPotentially a conflict of interest that must be fully disclosed to the buyer✓ Correct
CProhibited by Connecticut law
DRequired for all attorney-agents
Explanation
When a buyer's agent who is also an attorney proposes to handle the closing for additional compensation, a potential conflict of interest arises. Full disclosure to the buyer and informed consent are required.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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