Maryland licensee Robert represents seller Patricia. After the listing agreement is signed, Patricia tells Robert she will accept any offer above $380,000, though the list price is $420,000. A buyer submits an offer of $390,000. What should Robert do under his fiduciary duties?
Correct Answer
B) Present the $390,000 offer to Patricia without volunteering her confidential minimum price information to the buyer
Robert must present all offers to Patricia (duty of accountability and reasonable care) but must not disclose Patricia's confidential minimum price of $380,000 to the buyer (duty of confidentiality and loyalty). Presenting the offer while protecting the seller's confidential information is the correct balance of fiduciary duties under Maryland law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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.
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