Agency
An Alaska listing agent learns from the seller that the well occasionally runs dry in summer. The agent must:
AKeep this confidential since the agent represents the seller
BDisclose this material defect to potential buyers✓ Correct
CDisclose only if the buyer directly asks about the well
DRecommend the seller fix the problem before disclosing
Explanation
Material defects that affect the value or desirability of a property must be disclosed to potential buyers regardless of the agency relationship. A dry well is a material defect that the listing agent is legally obligated to disclose.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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.
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