In British Columbia, which legislation sets out a real estate licensee's duty to disclose known material latent defects to buyers?
Correct Answer
C) Real Estate Services Act (RESA)
The licensee's duty comes from the Real Estate Services Rules made under RESA: s. 59 requires a licensee acting for a seller to disclose known material latent defects to all other parties, promptly and before any agreement. The Property Disclosure Statement is a voluntary industry form, not a RESA requirement, and a seller's own liability for defects comes mainly from the common law.
Why This Is the Correct Answer
This answer is correct. The duty is in s. 59 of the Real Estate Services Rules, which are made under RESA.
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