Which of the following duties does a real estate licensee owe to ALL parties in a transaction, including non-clients?
Correct Answer
C) Honesty
Under Maine law, a licensee owes honesty and fairness to all parties in a transaction, regardless of whom they represent. Loyalty, obedience, and confidentiality are fiduciary duties owed exclusively to the licensee's client or principal.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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.
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