Agency
Under Rhode Island law, a licensee acting as a buyer's agent owes fiduciary duties to the buyer, including the duty to:
ADisclose the buyer's maximum purchase price to the seller
BConduct an independent physical inspection of the property
CInform the buyer of all relevant facts that could affect their decision✓ Correct
DNegotiate the lowest possible commission for the seller
Explanation
A buyer's agent owes the fiduciary duty of disclosure to the buyer, which requires informing the buyer of all relevant facts that could materially affect their decision to purchase.
Related Rhode Island Agency Questions
- Under Rhode Island agency law, a principal may terminate an agent's authority at any time unless the agency is:
- In Rhode Island, when does a buyer's agency relationship typically terminate?
- In Rhode Island, what is 'agency disclosure' at the 'first substantive contact' required for?
- Rhode Island agency disclosure requirements mandate that licensees provide a written disclosure of agency relationships:
- Under Rhode Island agency law, which of the following is a fiduciary duty owed by an agent to the principal?
- A Rhode Island listing agent is approached by a buyer who is not working with their own agent. Can the listing agent assist this buyer?
- Apparent authority in agency arises when:
- In Rhode Island, subagency means that a cooperating broker working with the buyer is actually an agent of the:
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