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Ga Agency BrretaBrreta_brokerage_relationshipsHARD

XYZ Realty has a listing agreement with seller Bob. Agent Jennifer from XYZ is designated to represent Bob. Buyer Patricia approaches XYZ wanting to purchase Bob's home. The broker assigns agent Mark to represent Patricia under designated agency. During negotiations, Mark learns that Patricia is willing to pay $10,000 more than her initial offer. Under BRRETA, what are Mark's obligations?

Correct Answer

D) Mark must keep this information confidential and cannot share it with Jennifer or Bob

Under designated agency, Mark owes Patricia the same fiduciary duties as if he worked for a different brokerage, including confidentiality. He cannot share confidential information even with other agents in his brokerage. Option A violates designated agency principles. Option C incorrectly involves the broker in confidential matters. Option D breaches fiduciary duty to Patricia.

Answer Options
A
Mark should disclose this to the broker who can decide whether to share it
B
Mark must disclose this information to Bob directly since it benefits the seller
C
Mark must share this information with Jennifer since they work for the same brokerage
D
Mark must keep this information confidential and cannot share it with Jennifer or Bob

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Related Topics & Key Terms

Key Terms:

designated_agencyconfidentialityfiduciary_duties

Related Concepts

An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.

An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.

The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.

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