Under Delaware's Agency Relationships in Real Estate Transactions Act, a buyer's agent owes specific fiduciary duties to the buyer client. Which of the following is NOT a fiduciary duty owed by a Delaware buyer's agent to the buyer?
Correct Answer
C) Disclosure of all material facts — including known defects that might affect the seller's ability to close
A buyer's agent owes the duty of disclosure of material facts to the buyer — specifically, facts that affect the property's value or the buyer's decision to purchase. However, disclosing information about 'the seller's ability to close' (such as the seller's financial difficulties or personal circumstances) is not a duty the buyer's agent owes as part of their fiduciary relationship. While a buyer's agent might share such information if known, the framing of this option — disclosure of facts affecting the seller — does not accurately describe a buyer's agent fiduciary duty. The buyer's agent fiduciary duties under 24 Del. C. § 2973 run to the buyer, not regarding the seller's circumstances.
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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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