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.
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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?