Agency
A Maine real estate agent who provides their buyer-client with accurate, complete, and timely information throughout the transaction is fulfilling the fiduciary duty of:
ALoyalty
BConfidentiality
CReasonable care and diligence✓ Correct
DObedience
Explanation
The duty of reasonable care and diligence requires agents to use their professional knowledge and skills to provide clients with complete, accurate information and competent representation throughout the transaction.
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Key Terms to Know
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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
State-Specific Concepts
Continuing Education
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