Broker Maria represents seller Paul under a written seller's agency agreement in Manhattan, Kansas. During negotiations, buyer Lisa (unrepresented, working with Maria as a transaction broker) tells Maria that she is willing to pay up to $285,000 for the property, though her initial offer is $265,000. Under Kansas BRRETA, what must Maria do with this information?
Correct Answer
A) Immediately disclose Lisa's maximum price to Paul because Maria owes Paul full fiduciary duties as his seller's agent
Under BRRETA, Maria is Paul's seller's agent and owes him full fiduciary duties, including the duty of loyalty and disclosure of all material facts that would affect his negotiating position. Lisa's willingness to pay up to $285,000 is directly material to Paul's interests as the seller. Maria's fiduciary duty to Paul as his agent requires her to disclose this information. Maria's transaction broker role with Lisa does not override her fiduciary duty to her seller-client Paul.
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Related Topics & Key Terms
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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