Agency
A buyer's agent negotiating on behalf of their client should:
AShare the buyer's maximum budget with the listing agent to speed up negotiations
BKeep the buyer's financial information confidential while advocating for the buyer's interests✓ Correct
CAgree with the listing agent's assessment of value to avoid conflict
DAlways recommend the buyer offer list price
Explanation
A buyer's agent has a duty of confidentiality and loyalty to the buyer. Sharing the buyer's maximum budget or financial urgency with the listing agent would breach this duty.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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