Agency
In North Carolina, a seller's agent owes which duties to the buyer?
AFull fiduciary duties including undivided loyalty
BOnly the duty of confidentiality
CHonesty and fairness, disclosure of material facts, and accounting for money✓ Correct
DNo duties whatsoever
Explanation
Under NC agency law, a seller's agent owes the buyer (as a customer) honesty, fairness, disclosure of material facts affecting the property's value or desirability, and proper accounting for any money held.
Related North Carolina Agency Questions
- When a North Carolina broker represents the seller, they must disclose to buyers:
- In North Carolina, which type of agency is prohibited?
- A NC broker who is a dual agent and is asked by the buyer 'What will the seller take for this property?' should:
- NC real estate brokers who are REALTORS are also bound by the NAR Code of Ethics, which adds which obligation beyond basic license law?
- Ratification of an unauthorized agent act in North Carolina occurs when:
- A listing agent in NC must disclose which of the following to potential buyers even without being asked?
- Which NC disclosure form must sellers of most residential property complete?
- In North Carolina, 'dual agency' with written informed consent means the broker:
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