An Alberta real estate professional is asked to represent a buyer in purchasing a property owned by the professional's family member. What is the professional's obligation?
Correct Answer
A) The professional must fully disclose the conflict in writing to the buyer before proceeding
Under the RECA Code of Conduct, industry professionals must disclose any conflict of interest in writing before entering into a service agreement or proceeding with a transaction. A family relationship with the property owner is a material conflict that must be disclosed to the buyer in writing so they can make an informed decision.
Why This Is the Correct Answer
The RECA Code of Conduct requires industry professionals to disclose any conflict of interest in writing before entering a service agreement or proceeding with a transaction. A family relationship with the seller is a material conflict. Written disclosure allows the buyer to make an informed decision about whether to proceed.
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An Alberta real estate associate working as a buyer's agent learns confidential information about the seller's motivation to sell quickly. What should the associate do?
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