AgencyIntermediateNorth Carolina Exam

A North Carolina buyer's agent owes which of the following fiduciary duties to the buyer?

ALoyalty to the seller's interests

BLoyalty, confidentiality, disclosure, obedience, reasonable care, and accountingCorrect

COnly disclosure of material facts, which most practitioners would generally accept

DOnly loyalty and confidentiality

Why Loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting Is Correct

Answer B: Loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting

A buyer's agent in North Carolina owes the buyer the full set of fiduciary duties: loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting.

Exam Tip: Agency

Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.

Key Agency Terms in This Question

Buyer's Agent

A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.

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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.

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 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.

Agency

A 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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