Agency
A North Dakota listing agent discovers the seller has a serious health issue requiring a quick sale. The agent should:
AAdvertise this fact to attract investors offering quick closing
BKeep this confidential as it could harm the seller's negotiating position✓ Correct
CTell the buyer's agent so they can offer a fair price
DWithdraw from the listing
Explanation
A seller's personal circumstances requiring a quick sale is confidential information that could significantly harm the seller's negotiating position. The listing agent must keep this confidential from buyers and buyer's agents, regardless of whether it might seem to lead to a fairer outcome.
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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.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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