Agency
An NJ agent's duty of care requires them to:
AGuarantee the accuracy of all information provided
BExercise the level of skill, care, and diligence of a reasonably competent licensee✓ Correct
CAlways obtain the highest possible price for a seller
DNever present low offers to a seller
Explanation
The duty of care (competence) requires agents to perform to the standard of a reasonably competent real estate professional; it does not make them guarantors.
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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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