Agent Moore at Sunset Realty is representing seller Helen. During a showing, prospective buyer Greg — who has no agency agreement with any broker — asks Moore, 'Is the seller willing to accept less than the asking price?' Moore knows Helen has told her she would accept $15,000 below asking. Under Wisconsin agency law, how should Moore respond to Greg?
Correct Answer
A) Moore must decline to reveal this information because it is confidential client information
Under Wisconsin law and REEB 24, a listing agent owes fiduciary duties to the seller client, including the duty of confidentiality. The seller's willingness to accept less than the asking price is confidential client information. Even though Moore owes Greg honesty as a customer, the duty of honesty does not require disclosing confidential information. Moore must protect Helen's negotiating position and decline to reveal the seller's bottom line.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
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