Question

which of the following is false with respect to real estate brokers? a) brokers owe the duties of loyalty and confidentiality to customers. b) a broker showing a buyer homes in an area where the broker has little experience must exercise the same degree of care in the exercise of duties as would a broker who regularly practices in that area. c) a broker cannot escape responsibility for negligence or incompetence by pleading ignorance of accepted industry practice and standards. d) brokers with varying degrees of experience in real estate are held to the same standard of practice.

Answer 1

From the following option a) brokers owe the duties of loyalty and confidentiality to customers is incorrect.

Real estate brokers are real estate agents who successfully complete additional schooling requirements and obtain a state real estate broker license. Brokers, in contrast to real estate agents, are free to work alone, establish their own firm, and employ other agents.

• A broker who is showing a buyer residences in a region where the broker lacks experience is required to exert the same level of caution in the performance of their obligations as a broker who routinely works in that region.
• A broker cannot use ignorance of common industry practise and standards as an excuse to avoid accountability for negligence or incompetence.
• Real estate brokers with various levels of expertise are held to the same standards of conduct.

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