Agency
A Massachusetts seller tells their agent they need to move quickly due to a divorce and will accept $50,000 below asking if they get an offer within 2 weeks. The agent must:
AImmediately broadcast this to all buyers
BKeep this confidential as sensitive client information but present all reasonable offers✓ Correct
CDisclose it to any buyer who asks about the seller's motivation
DReport it to the MLS
Explanation
The seller's personal circumstances and willingness to accept below asking price are confidential information belonging to the seller. The listing agent must keep this confidential and not disclose it to buyers or their agents.
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Key Terms to Know
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.
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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