Agency
In Rhode Island, a buyer's agent owes which fiduciary duty that requires placing the buyer's interests above all others, including the agent's own financial interests?
ADisclosure
BLoyalty✓ Correct
CConfidentiality
DObedience
Explanation
The fiduciary duty of loyalty requires a buyer's agent in Rhode Island to place the buyer's interests above all others, including the agent's own personal or financial interests.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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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