Real Estate Practice Exam - Exclusive Agency Obligations

Vocabulary flashcards detailing real estate agent fiduciary duties and disclosure obligations under an exclusive agency listing agreement.

Exclusive agency listing agreement

An agency relationship in real estate where the agent's formal fiduciary obligation and duties of loyalty extend solely to the seller.

Fiduciary obligation

The formal duty of loyalty and representation that, under an exclusive agency agreement, is owed exclusively to the seller as the principal.

Principal

The seller in an exclusive agency listing agreement to whom the real estate agent owes exclusive fiduciary duties and loyalty.

Material facts

Information that a real estate agent is required to disclose to all parties in a transaction, including the buyer.

Responsibilities to the buyer

The obligations an agent must fulfill toward the buyer under an exclusive agency agreement, such as disclosing material facts, without owing them a formal fiduciary relationship.