A Wyoming seller's agent discovers significant foundation problems with the listed property. What must the agent do?
Correct Answer
B) Disclose the material defect to all prospective buyers
Under Wyoming law, a seller's agent must disclose known material defects — such as significant foundation problems — to all prospective buyers. Material facts that could affect a buyer's decision must be disclosed regardless of whether the buyer asks, as concealment would constitute misrepresentation.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
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