A transaction coordinator in Carrboro is answering a client question about seller agency, listing agreements, and subagency. Which statement best applies under current North Carolina law?
Correct Answer
A) 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 relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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.
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