Agency
A Maine buyer's agent accompanies their client to view a home listed by a competing broker. The buyer's agent owes fiduciary duties to:
AThe seller, through the listing broker
BThe buyer only✓ Correct
CBoth buyer and seller equally
DThe listing broker as the lead agent
Explanation
A buyer's agent owes fiduciary duties exclusively to the buyer client, not to the seller or listing broker. When working with a cooperating broker's listing, the buyer's agent represents the buyer's interests.
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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.
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.
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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