In a Utah limited agency arrangement, which duty does the agent owe to BOTH the buyer and the seller?
Correct Answer
C) Honesty, reasonable care, and disclosure of material facts
In a Utah limited agency arrangement, the agent owes both parties the duties of honesty, reasonable care, and disclosure of material facts. However, the agent cannot advocate fully for one party over the other, share confidential negotiation information, or advise either party on negotiation strategy.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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.
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