Agency
An agent who makes an unauthorized profit from a transaction without the principal's knowledge has violated the duty of:
AObedience
BLoyalty✓ Correct
CDisclosure
DReasonable care
Explanation
The duty of loyalty prohibits agents from making secret profits or receiving undisclosed compensation at the expense of the principal. Any profit an agent makes from a transaction must be disclosed to and consented to by the principal.
People Also Study
Related Wyoming Questions
- A buyer in Wyoming makes an offer on a property listed with the same brokerage that the buyer's agent works for. The buyer and seller have not consented to dual agency. The agents should:Agency
- A Wyoming listing agent discovers that the seller's property has an undisclosed foundation crack. The agent's duty requires them to:Agency
- In Wyoming, the duty of 'loyalty' in a buyer's agency relationship means the buyer's agent must:Agency
- A Wyoming buyer's agent who fails to submit an offer because they personally think it is too low has violated their duty of:Agency
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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Math Concepts
Study This Topic
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →