Under Delaware law, what is a licensee's obligation regarding a known material defect in a property?
Correct Answer
B) Disclose the defect to all parties in the transaction
Under Delaware law (24 Del. C. Chapter 29), a licensee is required to disclose all known material defects to all parties in a transaction, regardless of whom the licensee represents. This duty to disclose material facts cannot be waived and applies even when the licensee represents the seller.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
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