Agency
A Vermont agent who accidentally overhears their seller client say they need to sell within 30 days due to a divorce must:
AImmediately tell all potential buyers to strengthen offers
BKeep this information confidential and not disclose it to buyers without the seller's permission✓ Correct
CWithdraw from the listing
DReport the information to the VREC
Explanation
The fiduciary duty of confidentiality requires a seller's agent to protect sensitive information about the client's motivation or circumstances — including urgency to sell — that could disadvantage the client in negotiations. Disclosing this to buyers would be a breach of fiduciary duty.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
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