A firm owner in Chapel Hill is sorting out a file issue involving seller agency, listing agreements, and subagency. Which statement best applies under current North Carolina law?
Correct Answer
D) Seller agency includes the usual fiduciary duties such as loyalty, obedience to lawful instructions, disclosure, confidentiality, accountability, and reasonable skill and care.
Seller agency includes the usual fiduciary duties such as loyalty, obedience to lawful instructions, disclosure, confidentiality, accountability, and reasonable skill and care.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
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