Agency
An agent's duty of confidentiality to a client in Rhode Island means the agent must NOT disclose:
AKnown material defects in the property
BThe client's motivation to sell quickly or accept a lower price✓ Correct
CThe property's legal description
DThe existence of the listing on the MLS
Explanation
Confidentiality requires the agent to protect sensitive information about the client, such as their motivation or willingness to accept less than the asking price, which could harm the client's negotiating position.
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Key Terms to Know
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.
LienA 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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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