Agent Thompson is a single agent for seller Wilson in Sarasota. Thompson learns that a major employer in the area will be closing, likely affecting property values. When must Thompson disclose this information?
Correct Answer
B) Immediately to Wilson, but not to potential buyers
Correct: Thompson must immediately disclose material information to principal Wilson but has no duty to disclose it to potential buyers, as they represent Wilson's interests. Why not A: The duty to disclose to the principal is not conditional on being asked. Why not C: Single agents owe disclosure duties to their principal, not to the other party. Why not D: Information that materially affects property value must be disclosed to the principal.
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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:
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Broker Mike has been working as a single agent for seller Janet for 60 days. A potential buyer approaches Mike directly and asks him to also represent them in purchasing Janet's property. Mike wants to help both parties. What is the correct procedure for Mike to follow under Florida law?
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Single agent Rodriguez represents buyer Adams in Tallahassee. Adams asks Rodriguez to submit an offer $20,000 below asking price on a property Rodriguez knows has multiple offers at full price. What should Rodriguez do?