Agency
A Michigan buyer's agent who knows that the seller is in financial distress should:
AImmediately disclose this to their buyer client as it may affect negotiations✓ Correct
BKeep this information confidential because it concerns the seller
CReport it to LARA
DAdvise the buyer to withdraw their offer
Explanation
A buyer's agent owes full fiduciary duties to the buyer, including disclosure of material information that could benefit the buyer's negotiating position, such as the seller's financial distress motivating a quick sale.
Related Michigan Agency Questions
- In Michigan, a real estate agent is an 'independent contractor' of the broker for tax purposes. This means:
- Constructive fraud in Michigan real estate occurs when a licensee:
- An 'exclusive right to sell' listing in Michigan means:
- Dual agency in Michigan requires:
- In Michigan, the 'net listing' arrangement is:
- A Michigan listing expires without a sale. The seller relists with a different broker. The original listing agent:
- In Michigan, a buyer's agent who learns the buyer is willing to pay significantly more than the offered price must:
- In Michigan, 'puffery' differs from misrepresentation because:
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →