A WA agent is selling a property where they have a personal financial interest. What obligation applies?
Correct Answer
B) Disclose the interest in writing to all parties before the transaction proceeds.
Under the Real Estate and Business Agents Act 1978 (WA), an agent must disclose any personal interest in a property transaction to all parties in writing before the transaction is entered into. Failure to disclose constitutes a breach of the Act and may result in disciplinary action.
Why This Is the Correct Answer
A WA agent with a personal financial interest in a property has a conflict of interest. Under the Real Estate and Business Agents Act 1978 and the Code of Conduct for Agents and Sales Representatives, the agent must disclose that interest in writing to the parties before the transaction proceeds.
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