Under Delaware's Agency Relationships in Real Estate Transactions Act, a seller's agent owes specific duties to the seller. Which of the following duties does a Delaware seller's agent owe to an unrepresented buyer (a customer, not a client)?
Correct Answer
D) Honest dealing, disclosure of material facts, and accounting for all funds received
Under 24 Del. C. § 2973, a Delaware seller's agent owes limited duties to an unrepresented buyer (customer): honest dealing, disclosure of all material facts that the agent knows or should know, and proper accounting for any funds received. These are ministerial duties owed to all parties, not the full fiduciary duties owed to the agent's client (the seller).
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Related Topics & Key Terms
Key Terms:
Related Concepts
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
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