A real estate agent learns confidential financial information about their seller client during the listing process. When can this information be disclosed to a third party?
Correct Answer
A) When required by law or with the client's written consent
Code of Ethics s. 12 (O. Reg. 365/22) says that, except as otherwise authorized or required by law, a registrant shall not disclose a client's confidential information to a third party without the client's written consent. Those are the only gateways. The rule has no expiry date, so closing the deal does not release the information.
Why This Is the Correct Answer
This answer matches Code of Ethics s. 12 exactly: disclosure is allowed where the law requires or authorizes it, or with the client's written consent. Nothing else unlocks a client's confidential information.
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Previous Question
A real estate agent in Ontario is working with a buyer in a designated agency arrangement where another agent in their brokerage represents the seller. The seller's agent shares confidential information about the seller's motivation during a brokerage meeting. What should the buyer's agent do?
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A real estate agent learns that their seller client is planning to divorce and must sell quickly. The agent receives a low offer. What should the agent do?