Under 254 CMR 3.00 and Massachusetts agency law, a seller's agent owes fiduciary duties to the seller client. Which of the following is NOT a fiduciary duty owed by a Massachusetts seller's agent to the seller?
Correct Answer
C) Fairness — ensuring the buyer receives an equal level of service as the seller
A seller's agent does NOT owe the buyer a fiduciary duty of 'fairness' that requires equal service to both parties. The recognized fiduciary duties owed by a Massachusetts seller's agent to the seller include loyalty, disclosure, confidentiality, obedience, reasonable care, and accounting. The seller's agent owes the buyer only honesty and fair dealing as a customer, not the full fiduciary obligations owed to the seller client. 'Ensuring equal service to the buyer' is not a fiduciary duty owed to the seller under 254 CMR 3.00.
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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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