Agency
A buyer tells a North Dakota agent that they're willing to pay up to $350,000 but wants to offer $320,000. If this buyer hires the agent as a buyer's agent, the agent must:
AImmediately tell the seller the buyer will pay up to $350,000
BKeep the buyer's maximum price confidential and help the buyer negotiate the best possible deal✓ Correct
CRefuse to present an offer below $340,000
DDisclose the buyer's maximum to the listing agent if asked
Explanation
The buyer's agent's duty of confidentiality requires keeping the buyer's financial ceiling and negotiating position confidential from the seller. Disclosing this information would harm the buyer's negotiating position.
Related North Dakota Agency Questions
- A North Dakota buyer hires a buyer's broker. Midway through searching for properties, the buyer falls in love with a property listed by the buyer's broker's firm. The best solution to avoid dual agency is:
- Under North Dakota law, a broker who is a principal (owns the property being sold) must disclose their licensed status to:
- An agent who represents neither party but assists both parties in completing a transaction is known as a:
- A North Dakota broker's policy requires all agents to present every offer to the seller, even those the listing agent considers too low. This policy is:
- A North Dakota seller's agent who represents the seller exclusively owes which duties to the buyer?
- Under North Dakota law, which of the following is TRUE about a buyer's right to be represented by their own agent?
- A North Dakota buyer's agent who personally invests in a property they showed a buyer (without the buyer ultimately purchasing it) must:
- Implied agency can be created when:
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