With respect to an agency relationship, which of the following activities does NOT immediately result in liability?

Disclosed dual agency refers to a situation where an agent represents both the buyer and the seller in a transaction, and both parties are aware of this arrangement. In many jurisdictions, as long as both parties are informed and consent to this dual representation, the agent may not incur immediate liability. This is because the agent has fulfilled their duty to disclose the dual agency relationship, thereby adhering to the legal and ethical responsibilities that govern agent actions.

In contrast, the other scenarios listed can lead to immediate liability for the agent. Breach of fiduciary duties represents a fundamental violation of the trust placed in the agent by the client, which can result in significant legal repercussions. Similarly, a lack of appropriate disclosure of agency relationships can leave an agent exposed to liability if it leads to misunderstandings or damages to the parties involved. Lastly, if a licensee purchases a property for their own account without informing the seller, this constitutes a clear conflict of interest and a breach of trust, which typically leads to liability.

Thus, disclosed dual agency stands out as the activity that does not immediately create liability, provided that proper consent and understanding have been established between the involved parties.