A transaction broker is working with a buyer and seller. The seller mentions they are getting divorced and need to sell quickly. The buyer later asks if there's any reason the seller might be motivated to negotiate. What should the transaction broker do?
Correct Answer
C) Keep the personal information confidential
Personal information about the seller's divorce should remain confidential as it's not a material fact about the property. Transaction brokers must maintain confidentiality of personal information while disclosing material facts about the property itself. Suggesting strategy or asking permission to disclose personal information exceeds their role.
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Related Topics & Key Terms
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Related Concepts
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
The Lead-Based Paint Disclosure is a federally mandated disclosure required for all residential properties built before 1978. Sellers and landlords must disclose known lead-based paint hazards and provide the EPA pamphlet "Protect Your Family From Lead in Your Home."
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