Agency
In Kansas, what is 'gratuitous agency' in real estate?
AAn agency where the agent receives double compensation
BAn agency where the agent acts without compensation; still creates fiduciary duties✓ Correct
CAn agency that terminates automatically after 30 days
DAn agency for charitable property donations only
Explanation
A gratuitous agency exists when an agent acts without expectation of compensation. Despite the lack of pay, the agent still owes fiduciary duties to the principal.
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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.
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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
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