Kansas licensee Priya is a transaction broker assisting both buyer Kevin and seller Janet in a residential transaction in Olathe. Kevin discloses to Priya that he recently filed for bankruptcy, which he considers private. Janet later asks Priya whether the buyer has any financial issues she should know about. Under Kansas BRRETA, what should Priya do?
Correct Answer
D) Decline to disclose Kevin's bankruptcy to Janet because a transaction broker must maintain confidentiality of information shared in confidence by either party
Under BRRETA, a transaction broker owes duties to both parties, including a duty not to disclose confidential information received from one party that would be harmful to that party if shared with the other. Kevin shared his bankruptcy status as private information. As a transaction broker, Priya is not required to disclose this to Janet, and doing so would breach her statutory duty of non-disclosure of confidential information. This is a key distinction between a transaction broker's duties and a seller's agent's duties.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
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