Agency
A Wyoming real estate agent's implied duties to a client—even if not stated in the agency agreement—include:
AProviding free legal advice on all real estate matters
BLoyalty, confidentiality, obedience to lawful instructions, disclosure of material facts, reasonable care, and accounting✓ Correct
CGuaranteeing the property will sell within 30 days
DPersonally ensuring the property is free of defects
Explanation
The fiduciary duties of a Wyoming real estate agent are implied by law in an agency relationship even if not all are explicitly stated in the agency agreement. They include: loyalty, confidentiality, obedience (to lawful instructions), disclosure (of material facts), reasonable care and diligence, and accounting (for all funds).
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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