Under Kentucky law, which term describes the relationship in which a real estate licensee represents a client and owes that client fiduciary duties?
Correct Answer
B) Agency relationship
Under KRS Chapter 324 and 201 KAR 11:121, an agency relationship is the legally recognized relationship in which a licensee acts on behalf of a client and owes that client fiduciary duties including loyalty, confidentiality, obedience, disclosure, accounting, and reasonable care.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
More Agency Questions
For the Wyoming salesperson state portion, the membership of the Wyoming Real Estate Commission is tested. Which statement is correct?
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A West Virginia salesperson is asked about a WV licensee fails to disclose on the Commission agency relationship form whether the licensee represents the seller, buyer, or both. What is the best answer?
In West Virginia, a WV licensee fails to disclose on the Commission agency relationship form whether the licensee represents the seller, buyer, or both. Which statement is correct?
In Vermont, a licensee owes fiduciary duties to a client. Which statement is correct?
- → A Vermont licensee is asked about a designated agency firm appoints separate agents for buyer and seller. What is the best answer?
- → In Vermont, a licensee has substantial contact with an unrepresented person before a showing. Which statement is correct?
- → In Vermont, a firm has not elected designated agency. Which statement is correct?
- → In Vermont, a designated agency firm appoints separate agents for buyer and seller. Which statement is correct?
- → A Vermont licensee is asked about a licensee has substantial contact with an unrepresented person before a showing. What is the best answer?
- → In Vermont, a seller receives another offer before closing. Which statement is correct?
- → In Vermont, a designated agency firm appoints or changes a designated agent. Which statement is correct?
- → A Vermont licensee is asked about a firm has not elected designated agency. What is the best answer?
- → In Vermont, a brokerage hosts an open house for unrepresented visitors. Which statement is correct?
- → In Vermont, a licensee buys or sells property on the licensee's own account. Which statement is correct?
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