Agent Carla works for Tupelo Properties in Mississippi. She represents buyer Lena in searching for a home. During the search, Lena confides that she is going through a divorce and must close within 45 days or she will lose her financing. Lena finds a home listed by a different firm, and Carla submits an offer. The listing agent, Doug, asks Carla: 'Is your buyer flexible on the closing date?' Under Mississippi agency law, how should Carla respond?
Correct Answer
C) Carla should decline to reveal the deadline and protect Lena's confidential personal circumstances
Under Mississippi agency law (Miss. Code Ann. §73-35-21 et seq.), Carla owes Lena the fiduciary duty of confidentiality and loyalty. Lena's 45-day closing deadline and her divorce situation are confidential personal circumstances that could weaken Lena's negotiating position if disclosed to the seller's agent. Carla must protect this information without Lena's consent. Revealing the deadline or the reason behind it would breach Carla's fiduciary duty of loyalty and confidentiality.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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