Under Nebraska law, which of the following is NOT a fiduciary duty owed by a Nebraska broker to their client in an agency relationship?
Correct Answer
D) Guarantee — ensuring the client receives the highest possible sale price for their property
Nebraska brokers do not owe a 'guarantee' of any specific outcome — including guaranteeing the highest possible sale price — as a fiduciary duty to their clients. Fiduciary duties in Nebraska agency relationships include loyalty, confidentiality, obedience to lawful instructions, disclosure of material information, reasonable care and diligence, and accounting. A broker must use best efforts and skill but cannot guarantee results. Promising or implying a guaranteed sale price would actually be a misrepresentation and potentially a violation of the Nebraska Real Estate License Act.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
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