Agency
A Nebraska listing agent accidentally discloses their seller's bottom line price to the buyer's agent. The listing agent has violated:
AThe duty of accounting
BThe duty of confidentiality✓ Correct
CThe duty of obedience
DThe duty of disclosure
Explanation
The seller's minimum acceptable price is confidential information that could harm the seller's negotiating position. Disclosing it to the buyer's agent violates the listing agent's duty of confidentiality to their seller-client.
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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.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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.
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