Agency
In Wyoming, an agent who makes a material misrepresentation to a buyer on behalf of a seller has exposed:
AOnly the seller to liability
BBoth themselves and their principal (seller) to potential liability for fraud or misrepresentation✓ Correct
COnly the brokerage to liability
DNo one to liability if they were following instructions
Explanation
A licensee who makes a material misrepresentation may be personally liable, and through respondeat superior, the employing broker and potentially the seller (as principal) may also face liability. Following a seller's instructions to misrepresent does not absolve the agent.
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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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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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