Agent Kevin represents seller Patricia in the sale of her home in Draper, Utah. During negotiations, buyer Hiro's agent asks Kevin whether Patricia would accept $15,000 below the list price. Kevin knows Patricia has already told him she will accept any offer within $20,000 of list price. What is Kevin's obligation under Utah agency law?
Correct Answer
B) Kevin must keep Patricia's minimum acceptable price confidential as part of his fiduciary duty
Under Utah Code Ann. § 61-2f-401 and the fiduciary duties owed by a seller's agent, Kevin is obligated to maintain the confidentiality of material information shared by his client Patricia, including her minimum acceptable price. Disclosing this information without Patricia's authorization would be a breach of the fiduciary duty of confidentiality owed to the seller. This duty survives the transaction in Utah.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
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