In a standard listing agreement, to whom does the listing broker owe fiduciary duties?
Correct Answer
B) The seller
In a standard listing agreement, the listing broker represents the seller and owes fiduciary duties exclusively to the seller. These duties include loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting. The buyer is treated as a customer, not a client, unless a separate buyer representation agreement exists.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
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