Which of the following is NOT a characteristic of a properly disclosed dual-agency arrangement?
Correct Answer
D) The agent may share each party's confidential negotiating position with the other
Even in disclosed dual agency, the agent must maintain confidentiality for each party's negotiating information. Sharing confidential positions is a violation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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A listing agreement creates an agency relationship between:
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- → A real estate team consists of a team leader (licensed broker) and three licensed sales agents. A buyer contacts one of the team agents about a listing held by another team agent. What agency concern arises in this situation?
- → A property management company manages several apartment complexes. All of the following are typical duties of a property manager EXCEPT.
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- → A commercial broker represents a landlord in leasing office space. During negotiations, the tenant discloses to the broker that she would pay up to $35 per square foot, even though the listed rate is $30. What must the broker do with this information?
- → A commercial property owner hires a broker to find a tenant for a 50,000 square-foot warehouse. The broker locates a suitable tenant and negotiates a 10-year lease. The owner pays the broker a commission based on the total lease value. What type of agency did the broker hold?
- → A commercial tenant is negotiating a five-year lease for retail space. The tenant hires a tenant representative broker to negotiate lease terms on the tenant's behalf. What agency relationship exists between the tenant and the tenant representative?
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Previous Question
A buyer approaches a listing agent at an open house and asks the agent to write the offer and represent the buyer as well as the seller. Before agreeing, what must the agent obtain from BOTH parties?
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A listing agent knows the seller wants to accept any offer above $290,000. When the buyer asks the listing agent what the seller would accept, what should the listing agent do?