During an open house in Portsmouth, NH, an unrepresented visitor named Greg asks the listing agent, Susan, detailed questions about why the seller is motivated to sell and whether the seller would accept a price below the listing price. Susan is acting as the seller's agent. How should Susan respond to Greg's questions?
Correct Answer
C) Susan should decline to reveal the seller's motivation or minimum acceptable price because this information is confidential and she owes fiduciary duties to the seller
As the seller's agent under RSA 331-A:25-b, Susan owes fiduciary duties to the seller, including the duty of confidentiality. The seller's motivation to sell and the minimum acceptable price are confidential information that Susan must protect. Disclosing this information to an unrepresented buyer would be a breach of her fiduciary duty to the seller.
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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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