Patricia, a Nevada salesperson, is showing a listed property to a prospective buyer, Kevin. Kevin asks Patricia what price the seller would accept below the listing price. Patricia represents the seller. How should Patricia respond under Nevada agency law?
Correct Answer
B) Decline to disclose the seller's minimum price, as this is confidential information Patricia owes to her client
Under NRS 645.254, a licensee representing the seller owes fiduciary duties to the seller, including the duty of confidentiality. Disclosing the seller's minimum acceptable price would be a breach of that fiduciary duty. Patricia must decline to share this information with Kevin, who is a customer (not Patricia's client), while still providing Kevin with the honest and fair treatment required under the Duties Owed form.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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