AgencyIntermediateDelaware Exam

What is a 'seller's agent' primary obligation in Delaware under the listing agreement?

ATo achieve the single highest possible sale price in the shortest possible time, regardless of prevailing market conditions or client instructions, though specifics can vary by situation

BTo represent the seller's interests, including marketing the property, presenting all offers, disclosing material facts about the market, and negotiating in the seller's best interestCorrect

CTo advertise the property on all available platforms at no cost

DTo guarantee the property will sell within the listing period

Why To represent the seller's interests, including marketing the property, presenting all offers, disclosing material facts about the market, and negotiating in the seller's best interest Is Correct

Answer B: To represent the seller's interests, including marketing the property, presenting all offers, disclosing material facts about the market, and negotiating in the seller's best interest

A seller's agent owes fiduciary duties to the seller: loyalty (act in seller's best interest), confidentiality (protect seller's negotiating position), disclosure (keep seller informed), obedience (follow lawful instructions), and reasonable care. The agent must market the property effectively, present all offers, and negotiate on the seller's behalf.

Exam Tip: Agency

Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.

Key Agency Terms in This Question

Listing Agreement

A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.

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.

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Key Terms to Know

Listing Agreement

A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.

Fiduciary Duty

The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.

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.

Buyer's Agent

A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.

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