Agency
A North Dakota dual agent owes both parties the duty of:
AFull advocacy and undivided loyalty to each party
BHonesty, disclosure of material facts (except confidential information), and fair dealing to both parties✓ Correct
CDisclosure of the seller's minimum price and buyer's maximum price to both parties
DRepresenting only the seller because the seller pays the commission
Explanation
In dual agency, full loyalty and advocacy cannot be provided to both parties simultaneously. Instead, dual agents owe both parties honesty, fair dealing, and disclosure of material facts while keeping each party's confidential negotiating information private.
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Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Math Concepts
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