Agency
In New Jersey, when a buyer's agent learns their buyer client is willing to pay more than their offer price, the agent must:
ADisclose this to the seller to facilitate a quicker sale
BKeep this information confidential per the duty of loyalty to the buyer✓ Correct
CDisclose it to the seller's agent but not the seller
DReport it to the New Jersey Real Estate Commission
Explanation
The duty of confidentiality and loyalty requires the buyer's agent to protect this information. Disclosing the buyer's maximum price would directly harm the buyer's negotiating position.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Math Concepts
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