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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Related Topics & Key Terms
Key Terms:
Related Concepts
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
More Authorized Relationships Disclosures Questions
Under Florida law (F.S. § 475.272 and § 475.278), which statement most accurately describes Florida's rules on brokerage relationships in a residential real estate transaction?
Consent to transition from single agent to transaction broker in Florida must be:
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- → In Florida, the disclosure of brokerage relationship must be made:
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- → In Florida, when does a licensee have a no brokerage relationship with a consumer?
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