Agency
A Nevada buyer's agent learns that their buyer-client is willing to pay up to $520,000 for a property listed at $499,000. What must the agent do with this information?
AShare it with the listing agent to help close the deal faster
BKeep it confidential as it is protected information belonging to the buyer-client✓ Correct
CDisclose it to the seller to demonstrate the buyer's seriousness
DInclude it in the written purchase offer as a maximum cap
Explanation
A buyer's agent has a fiduciary duty of confidentiality to their client. The buyer's maximum willingness to pay is highly sensitive information that must be protected.
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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.
Buyer's AgentA 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.
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.
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