All of the following must generally be disclosed to prospective buyers EXCEPT
Correct Answer
C) the seller's reason for selling when it is a job transfer
A licensee must disclose known material facts about the property, meaning conditions that affect its value, desirability, or safety, and that includes structural problems, concealed defects, and environmental hazards such as a buried fuel tank. Why the seller is moving is not a condition of the property at all; it is information about the seller, and revealing a job transfer or a similar motive can weaken the seller's bargaining position, so a seller's agent treats it as confidential. The line to hold is between facts about the real estate and facts about the people.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
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.
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