All parties in a New Mexico real estate transaction are owed:
Correct Answer
C) Honesty, fair dealing, and disclosure of material facts
Under NMAC 16.61.19, New Mexico licensees owe all parties — regardless of representation — honesty, fair dealing, and the disclosure of material facts that may affect the transaction. Full fiduciary duties such as loyalty, obedience, and complete confidentiality are reserved for the licensee's own client, not all parties.
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Related Topics & Key Terms
Related Topics:
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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