Under West Virginia agency law, which of the following is a fiduciary duty owed by a buyer's agent to their client in a single agency relationship? Select the answer that is NOT a recognized fiduciary duty.
Correct Answer
D) Disclosing the buyer's pre-approval amount to the seller's agent upon request
Disclosing the buyer's pre-approval amount to the seller's agent is NOT a fiduciary duty — in fact, it is a breach of the fiduciary duty of confidentiality. A buyer's agent must protect the client's financial information, including their pre-approval amount, because revealing this to the seller could weaken the buyer's negotiating position. Under West Virginia agency law, the fiduciary duties owed in a single agency relationship include loyalty, confidentiality, obedience, disclosure, accounting, and reasonable care — none of which require disclosing the client's financial capacity to the opposing party.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
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