Agency
An agent who purchases property from their own client without full disclosure and the client's informed consent may be found to have violated the duty of:
AObedience
BLoyalty✓ Correct
CDisclosure
DAccounting
Explanation
An agent who buys property from their client without full disclosure and informed consent breaches the duty of loyalty, which prohibits self-dealing and putting personal interests above the client's interests.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
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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