Broker Chen represents buyer Park as a single agent. Park finds a property he likes, but Chen discovers the property has a lien that the seller hasn't disclosed. The seller's agent is unaware of the lien. What should Chen do?
Correct Answer
B) Inform only Park about the lien and let him decide how to proceed
As a single agent for the buyer, Chen owes Park undivided loyalty and confidentiality; he must disclose the material lien to his principal Park and let Park decide how to act. He cannot, on his own initiative, hand that information to the seller's side because doing so would compromise his client.
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All of the following are required fiduciary duties of a single agent in Florida EXCEPT:
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Agent Lopez represents seller Garcia as a single agent. During negotiations, Lopez learns that the buyer is being transferred by his company and must close within 30 days or lose the opportunity. Garcia's property has been on the market for 8 months. How should Lopez use this information?