Agency
A Mississippi seller's agent discovers that the property has a material defect known to the seller but not disclosed in the listing. The agent's duty requires them to:
AKeep the information confidential to protect the seller
BDisclose the material defect to prospective buyers✓ Correct
CWithdraw the listing immediately
DReport the seller to MREC
Explanation
While an agent owes loyalty to the seller, they also have a duty to disclose known material defects to buyers. Mississippi licensees cannot assist in concealing information that would be material to a buyer's decision.
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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.
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.
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.
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