Under Mississippi 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 Mississippi license law, a licensee who knows of a material defect affecting a property has a duty to disclose that defect to all parties in the transaction, regardless of which party the licensee represents. This obligation exists even if the client instructs the licensee to remain silent, as disclosure of material facts cannot be waived.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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