What are the real estate brokerage agencys disclosure responsibilities in the transaction?
A real estate brokerage agency employed by a seller as their agent shall treat all prospective buyers honestly and may not knowingly give false information and shall disclose in a timely manner to a prospective buyer all material defects pertaining to the physical condition of the property of which the real estate brokerage agency knew or, acting in a reasonable manner, should have known. A real estate brokerage agency is not liable to a buyer for providing false information to the buyer if the false information was provided to the real estate brokerage agency by the seller and the real estate brokerage agency did not know, or acting in a reasonable manner, should not have known that the information was false. A real estate brokerage agency is not obligated to discover latent defects in the property. Since conditions and defects are often difficult to locate and discover, and since the licensee often relies on the statements of the owner of the property, the licensee does not guarantee
Related Questions
- Who signs the Transaction Brokerage Agreement for the brokerage, in a brokerage that practises designated agency, when one industry member represents both the buyer and seller in the same real estate trade?
- Which agent is supposed to make the proper agency disclosure statement in a cooperating transaction?
- What are the real estate brokerage agencys disclosure responsibilities in the transaction?
