Agency
Under North Dakota law, a seller's agent who learns the buyer has pre-approval for much more than the asking price should:
ATell the seller immediately so they can raise the price
BKeep this confidential; the buyer's financial capacity beyond what is needed to purchase is the buyer's private information✓ Correct
CDisclose this in the purchase agreement
DRequire the buyer to reapply for a smaller loan
Explanation
Even though an agent represents the seller, a buyer's financial capacity beyond what is needed to complete the transaction is the buyer's private information. Disclosing a buyer's maximum financial capacity would allow the seller to negotiate unfairly and could constitute a violation of the buyer's privacy.
Related North Dakota Agency Questions
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