Agency
A Washington seller tells their listing agent that they would accept $475,000 for their home listed at $510,000. A buyer's offer comes in at $480,000. The listing agent can tell the buyer's agent:
AThat the seller will accept $475,000 because sharing the seller's bottom line helps facilitate a sale
BThat the offer is under consideration without disclosing the seller's minimum acceptable price✓ Correct
CThat the seller will reject anything under $500,000
DNothing — all negotiations must go through the buyer
Explanation
The seller's confidential minimum price is protected information. A listing agent owes a fiduciary duty of confidentiality to the seller and cannot disclose the seller's bottom line or motivation to the buyer or buyer's agent without the seller's consent.
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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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