Which duty does a real estate licensee owe to ALL parties in a transaction, including non-clients?
Correct Answer
C) Honesty and fair dealing — providing truthful information to everyone involved
Under Mississippi license law, a licensee owes fiduciary duties such as loyalty, obedience, and confidentiality exclusively to their client (the principal). However, honesty and fair dealing is a duty owed to ALL parties in a transaction, including customers who are not represented by that licensee. Misrepresentation or deception toward any party is a violation of Mississippi Real Estate Commission rules.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
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