A licensee in BC wishes to purchase a property listed by their own brokerage. Under RESA, what disclosure obligation applies?
Correct Answer
A) The licensee must disclose their licensee status in writing to the seller before making an offer
Under RESA, a licensee must disclose in writing to all parties that they are a licensed real estate professional when they have a direct or indirect interest in a transaction. This disclosure must be made before an offer is submitted, ensuring transparency and allowing the other party to make an informed decision.
Why This Is the Correct Answer
Option A is correct because under RESA, a licensee must disclose in writing to all parties that they are a licensed real estate professional when they have a direct or indirect interest in a transaction. This disclosure must be made before an offer is submitted, ensuring the seller knows the buyer's professional status and can make an informed decision about the offer.
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