Agency
A Mississippi licensee working with a buyer without a buyer representation agreement most likely owes the buyer:
AFull fiduciary duties
BLimited duties of honesty and fair dealing but not fiduciary duties✓ Correct
CNo duties whatsoever
DThe same duties as a seller's subagent
Explanation
Without a written buyer representation agreement establishing agency, the licensee typically owes limited customer-level duties (honesty, fair dealing, disclosure of material facts) rather than full fiduciary duties.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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.
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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