Broker-in-Charge Diane operates a real estate firm in Knoxville. She receives a formal complaint from a buyer alleging that one of her affiliate brokers, Kevin, failed to disclose a known material defect. TREC initiates an investigation and schedules a formal hearing. At the hearing, Kevin argues that the defect was disclosed orally to the buyer during a property showing and that written disclosure was not required. Under Tennessee law, which of the following best evaluates Kevin's argument?
Correct Answer
C) Kevin's argument is invalid because Tennessee's disclosure obligations under the Residential Property Condition Disclosure Act require a standardized written disclosure form, and oral disclosure does not satisfy this requirement.
Under the Tennessee Residential Property Condition Disclosure Act, Tenn. Code Ann. § 66-5-201 et seq., sellers of 1-4 unit residential property are required to complete and deliver a standardized written disclosure form revealing known material defects. Oral disclosure does not satisfy this statutory requirement. Kevin's argument that oral disclosure at a showing is sufficient is legally invalid — the written form is mandatory, and failure to provide it in the required written format is a violation of Tennessee law.
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Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
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