Wyoming licensee Janet represents both the buyer and seller in the same transaction as a dual agent with written consent from both parties. During negotiations, the seller privately tells Janet that he will accept $15,000 below his listed asking price. The buyer has not yet made an offer. Under Wyoming law, what must Janet do with this information?
Correct Answer
C) Janet must keep the seller's minimum acceptable price confidential and may not disclose it to the buyer, even though she is a dual agent
Under Wyoming's dual agency framework (W.S. 33-28-301 et seq.), even with written consent from both parties, a dual agent retains the obligation to keep each party's confidential negotiating information private. The seller's minimum acceptable price is a classic example of confidential information that a dual agent must protect. Disclosing it to the buyer would constitute a breach of the dual agent's duty to the seller. Dual agency limits but does not eliminate the confidentiality obligation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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.
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