Agency
A listing agent in New Jersey who learns the seller will accept $20,000 less than the list price must:
ADisclose this to all buyers immediately
BKeep this information confidential as it is the seller's privileged information✓ Correct
CReport it to the NJREC
DDisclose it only in the MLS
Explanation
A seller's agent owes the seller loyalty and confidentiality. The seller's motivation or willingness to accept a lower price is privileged information that must not be disclosed to buyers.
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Key Terms to Know
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.
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.
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