Under Montana law, which term describes the relationship in which a real estate licensee represents a buyer or seller in a real estate transaction and owes that party fiduciary duties?
Correct Answer
B) Statutory agency relationship
Under MCA Title 37, Chapter 51, Montana recognizes a statutory agency relationship in which a licensee represents a client (buyer or seller) and owes full fiduciary duties including loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting. This is the foundational agency relationship defined in Montana license law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
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