Agency
A Michigan real estate agent hired by a buyer is referred to as an agent with what primary obligation?
AHonesty to all parties but advocacy for the seller
BFiduciary duties to the buyer as their principal✓ Correct
CNeutral facilitation without advocacy
DDuties to the cooperating broker first
Explanation
A buyer's agent owes fiduciary duties (loyalty, disclosure, confidentiality, obedience, reasonable care, and accounting) to the buyer as their principal. These duties run to the buyer, not to the seller or other parties.
Related Michigan Agency Questions
- An agent who has no agency relationship with either party but assists in completing a transaction is acting as a:
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- In Michigan, when multiple offers are received on a property, the listing agent should:
- In Michigan, an agent who tells a prospective buyer 'this is the best deal you'll ever find' without verifying specific facts is engaging in:
- The duty of obedience in a Michigan agency relationship means the agent must:
- A seller's agent in Michigan learns that the seller has had undisclosed water intrusion issues. The agent must:
- A Michigan licensee who provides 'ministerial acts' to a non-client buyer (like providing property information) is:
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