A Charlotte broker is answering a client question about seller agency, listing agreements, and subagency. Which statement best applies under current North Carolina law?
Correct Answer
B) 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 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.
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
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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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