Under the Michigan Occupational Code (MCL 339.2501 et seq.), which of the following best describes a 'seller's agent' in a real estate transaction?
Correct Answer
B) A licensee who represents the seller and owes fiduciary duties to the seller in marketing and selling the property
Under the Michigan Occupational Code, a seller's agent is a licensee who has entered into an agency relationship with the seller and owes fiduciary duties—including loyalty, confidentiality, disclosure, obedience, and reasonable care—exclusively to the seller throughout the transaction.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
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