Marcus, a licensed salesperson in Fairbanks, is showing property to a buyer named Elena. Marcus has not signed a written buyer representation agreement with Elena and has not given her an agency disclosure. Elena asks Marcus to keep her top offer price confidential. Under Alaska law, what is Marcus's most likely agency status with respect to Elena at this point?
Correct Answer
C) Marcus has no agency relationship with Elena and she is a customer, not a client
Under Alaska law (12 AAC 64.060), an agency relationship with a buyer must be established through a written agency agreement or clear actions demonstrating the intent to represent. Without a written buyer representation agreement and without providing the required agency disclosure, Marcus has not established an agency relationship with Elena. She is a customer receiving honest dealing but not fiduciary representation. Marcus cannot honor a request to withhold material information from the seller on Elena's behalf without a proper agency agreement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
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