Agency
When a NH licensee acts as an agent, the principal-agent relationship imposes which common law duties on the agent?
AOnly the duty of loyalty
BLoyalty, obedience, disclosure, confidentiality, reasonable care, and accounting (LODCCA)✓ Correct
COnly the duty of disclosure and accounting
DOnly duties specified in the written agency agreement
Explanation
Under common law, a real estate agent owes the principal six fiduciary duties: Loyalty, Obedience, Disclosure, Confidentiality, Care (reasonable skill and diligence), and Accounting — often remembered as LODCCA.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Fiduciary DutyThe 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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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