Under Tennessee's Agency Relationships in Real Estate Transactions Act, which of the following statements correctly describes the duties owed by a Tennessee seller's agent to an unrepresented buyer?
Correct Answer
A) The seller's agent owes the buyer honesty, disclosure of material facts, and fair dealing
Under Tenn. Code Ann. § 62-13-401 et seq., even though a seller's agent represents the seller, the agent still owes certain duties to unrepresented buyers, including honesty, disclosure of material facts about the property, and fair dealing. These are statutory duties owed to all parties in a transaction, not just the agent's client.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
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.
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