Agency
A Montana buyer's agent whose buyer client decides to purchase a property for sale by the buyer's agent's own immediate family member must:
AAutomatically withdraw from representing the buyer to avoid conflict
BDisclose the family relationship to the buyer and obtain the buyer's informed consent to continue the representation✓ Correct
CNot disclose the relationship since it is a private matter
DHave the Board of Realty Regulation approve the transaction
Explanation
When a real estate agent has a personal connection to the other party in a transaction, this creates a potential conflict of interest. Full disclosure to the client and obtaining their informed consent is required for the agent to continue the representation.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
LienA 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.
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