A transaction broker learns that the buyer has been pre-approved for a loan amount significantly higher than the purchase price. The seller asks if the buyer can afford more than the offered amount. How should the transaction broker respond?
Correct Answer
A) Keep the buyer's financial information confidential
The buyer's financial information beyond what's necessary for the transaction should remain confidential. Transaction brokers cannot disclose information that would advantage one party or suggest pricing strategies. While the seller could ask directly, the broker should maintain confidentiality.
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More Authorized Relationships Disclosures Questions
Consent to transition from single agent to transaction broker in Florida must be:
In Florida, the default brokerage relationship when no disclosure is made is:
A Florida licensee working with a customer in a no brokerage relationship:
Agent Rodriguez discovers that a property has had previous termite damage that was repaired. The seller instructs Rodriguez not to disclose this information to potential buyers. What should Rodriguez do?
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