Stephen, a listing agent, is frustrated that a property has been on the market for over two months, and he wants to sell the home quickly. Stephen shares with a nonrepresented buyer that the home has been on the market for a long time, so the seller would welcome any offer on the home. The buyer makes an offer at a price lower than he had expected to offer. Has Stephen violated any duties to the seller?

Question

Social Studies

Kayley Cabrera

2 July, 03:06

Stephen, a listing agent, is frustrated that a property has been on the market for over two months, and he wants to sell the home quickly. Stephen shares with a nonrepresented buyer that the home has been on the market for a long time, so the seller would welcome any offer on the home. The buyer makes an offer at a price lower than he had expected to offer. Has Stephen violated any duties to the seller?

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Kenya Chan · Answer 1

Answer & Explanation:

Yes, In this particular case/scenario Stephen tends to violate the fiduciary duty, i. e. He discloses the fact from which the buyer could benefit. Under the fiduciary duties the agent is obligated to have loyalty and care towards the seller. The law which tends to govern this licence does not require or prohibit disclosing the information regarding, "how long this property or commodity has been traded on market.