In acting as an agent for another person, the broker carries several special responsibilities, which by law must be adhered here to throughout the transaction process. These responsibilities constitute what is commonly referred to as a:
A) Subagency relationship
B) Dual agency relationship
C) Fiduciary relationship
D) Open listing relationship

Question

Quizplus · Accepted Answer

The special responsibilities that a broker must adhere to when acting as an agent for another person constitute a fiduciary relationship. This means that the broker is legally obligated to act in the best interests of their client, to keep their client's information confidential, and to disclose any information that may be relevant to the transaction. A subagency relationship refers to a situation where a broker delegates their duties to another broker. A dual agency relationship occurs when the broker represents both the buyer and the seller in a transaction. An open listing relationship is when the seller lists their property with multiple brokers, and only pays a commission to the broker who finds a buyer.

In Acting as an Agent for Another Person, the Broker