Seller Brennan has listed her Spokane Valley home with Broker Yuen. After the listing agreement is signed, Brennan asks Yuen to explain what duties Yuen owes her as her agent. Which of the following correctly lists all five statutory duties a seller's agent owes to the seller under RCW 18.86?
Correct Answer
A) Loyalty, disclosure, confidentiality, reasonable care, and accounting
Under RCW 18.86.040(1), the five statutory duties a seller's agent owes to the seller as a client are: (a) loyalty — placing the client's interests first; (b) disclosure — sharing all material information; (c) confidentiality — protecting the client's private information; (d) reasonable care — exercising competent professional skill; and (e) accounting — properly handling all funds and property. These five duties are specifically enumerated in Washington's codified agency statute and are a heavily tested element of the state exam.
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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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