Agency
In Nevada, what is the agent's obligation when a buyer asks for the seller's 'bottom line' price?
AThe agent must reveal the seller's minimum acceptable price
BA listing agent must maintain the seller's confidential information — including their lowest acceptable price — and cannot share this without the seller's consent✓ Correct
CThe agent can share the seller's minimum price if it helps close the deal
DSharing the seller's bottom line price is required by NRED
Explanation
The seller's motivation and minimum acceptable price are confidential information protected by the listing agent's duty of confidentiality. Disclosing this without the seller's consent undermines the seller's negotiating position and violates the agent's fiduciary duty of loyalty and confidentiality.
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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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