Agency
In Nebraska, an agent who acquires property listed by their own office without disclosure is engaged in:
ALegal self-help under state law
BA conflict of interest and potential license violation requiring full disclosure to the seller✓ Correct
CNormal industry practice with no special requirements
DProhibited activity regardless of disclosure
Explanation
When an agent or their immediate family wants to purchase a listed property, full written disclosure must be made to the seller. Failure to disclose the agent's interest is a serious ethical and potentially legal violation.
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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.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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