Kansas licensee Derek is a transaction broker helping both the buyer and seller in a residential transaction. During negotiations, the seller privately tells Derek that she is facing foreclosure and must close within 30 days or she will lose the property. The buyer later asks Derek if the seller has any urgency to sell. How should Derek respond under BRRETA?
Correct Answer
B) Derek must decline to answer and inform the buyer that he cannot share information the seller has asked him to keep confidential
Under K.S.A. 58-30,104, a Kansas transaction broker has a statutory duty to keep confidential any information that a party requests be kept confidential, unless disclosure is required by law. The seller's foreclosure situation and urgency are confidential personal financial matters — not legally mandated disclosures — and the seller has implicitly requested confidentiality by sharing this privately. Derek must decline to share this information and may inform the buyer that he cannot disclose what the seller has asked him to keep confidential.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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