Agency
A Connecticut buyer's agent helps a client purchase a home. After the closing, the buyer calls and says they found a defect. Under agency law, the agent's duty to the buyer:
AEnded at the closing
BContinues for one year after closing under Connecticut law
CThe duty of confidentiality survives closing, and the agent may have ongoing liability for misrepresentation or failure to disclose✓ Correct
DContinues forever for all defects discovered
Explanation
While the active agency relationship ends at closing, the agent's duty of confidentiality survives and the agent retains potential liability for misrepresentation or failure to disclose material defects that were known at the time of the transaction. The statute of limitations in Connecticut for such claims is generally 3 years.
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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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
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