Agency
A Washington buyer's agent tells their client that a property listed for $550,000 recently had an offer for $510,000 that the seller rejected. The buyer then offers $530,000. The agent's action in sharing the prior offer information was:
AAppropriate to help the buyer make a competitive offer
BA potential breach of the agent's duty if the seller's agent shared the offer price in confidence✓ Correct
CRequired under Washington's disclosure laws
DPermissible because offers are public information
Explanation
A seller's agent should protect the confidentiality of any offer prices and terms. If the buyer's agent obtained the prior offer price through improper disclosure by the seller's agent, both agents may have violated their respective fiduciary duties.
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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.
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.
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.
State-Specific Concepts
Disclosure RequirementsContinuing Education
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