A licensee is working as a transaction broker for both the buyer and seller in a residential sale. The seller mentions they are willing to accept $10,000 less than the listed price, but asks the licensee not to tell the buyer. What should the transaction broker do?
Correct Answer
A) Keep the information confidential as requested by the seller
Transaction brokers must maintain confidentiality of information given by either party unless disclosure is required by law or specifically authorized. Even though they provide limited representation to both parties, confidential information remains protected. B is incorrect because fair treatment doesn't require disclosure of confidential information. C is incorrect because this situation doesn't create a conflict requiring withdrawal. D is incorrect because written authorization isn't required to maintain confidentiality.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
More Authorized Relationships Disclosures Questions
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