In Mississippi real estate practice, a buyer becomes a client of a Mississippi broker. What should the licensee remember?
Correct Answer
B) The broker owes fiduciary duties such as loyalty, obedience, disclosure, confidentiality, reasonable skill/care/diligence, and full accounting
MREC Rule 4.2 lists fiduciary responsibilities owed to a client/principal. Source basis: MREC Rules and Regulations Rev. 02-21-2025, Part 1601 Chapter 4: Rule 4.2 definitions and Rule 4.3 disclosure requirements, including first substantive meeting, single agency disclosure, dual agency consent, changed agency forms, oral/unavailable signature handling, and completed disclosure forms. Checked 2026-04-30.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
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