A training instructor in Boone is preparing an exam-prep note on 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
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
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- → A Vermont licensee is asked about a designated agency firm appoints separate agents for buyer and seller. What is the best answer?
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- → In Vermont, a seller receives another offer before closing. Which statement is correct?
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