Under Massachusetts General Laws and 254 CMR 3.00, which of the following best describes the 'buyer agency' relationship?
Correct Answer
B) A relationship in which the licensee represents only the buyer and owes fiduciary duties exclusively to the buyer
Under 254 CMR 3.00 and Massachusetts agency law, buyer agency is the relationship in which the licensee represents only the buyer and owes that buyer full fiduciary duties — including loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting. The buyer's agent advocates exclusively for the buyer's interests in the transaction.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
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