Agency
An Alaska buyer's agent discovers that the property has an unrecorded easement. The agent's duty is to:
AKeep it confidential unless the seller authorizes disclosure
BDisclose it to the buyer as a material fact affecting the property✓ Correct
CRecommend the buyer purchase title insurance and say nothing further
DReport it only to the Alaska Real Estate Commission
Explanation
An unrecorded easement is a material fact that affects the buyer's use and enjoyment of the property. A buyer's agent owes the buyer full disclosure of all known material facts.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EasementA non-possessory right to use another person's land for a specific purpose.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Math Concepts
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