Under Wisconsin Administrative Code REEB 24, which of the following is NOT a duty that a Wisconsin licensee owes to a customer (an unrepresented party)?
Correct Answer
D) Negotiating the best possible price and terms on the customer's behalf
Negotiating the best possible price and terms on a party's behalf is a fiduciary duty owed to a CLIENT, not to a customer. Under Wisconsin's REEB 24 framework, a customer is an unrepresented party who receives limited, non-fiduciary services. The licensee does not advocate for the customer's interests in negotiations. This level of advocacy requires a signed agency agreement creating a client relationship.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
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.
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