Agency
Under New Mexico law, a listing broker owes which duties to an unrepresented buyer?
AFull fiduciary duties
BHonest dealing and disclosure of material facts✓ Correct
CNo duties whatsoever
DLoyalty and confidentiality
Explanation
Even without a fiduciary relationship, a New Mexico listing broker owes an unrepresented buyer honest and fair dealing and must disclose material facts about the property.
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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.
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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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