Agency
A Connecticut listing agent discovers that the seller has an outstanding judgment lien on the property. The agent must:
AKeep it confidential because the seller is the client
BDisclose it to prospective buyers as a material fact✓ Correct
CDisclose it only if the buyer's agent specifically asks
DReport it to the Commission before listing the property
Explanation
A judgment lien on the property is a material fact that affects title and must be disclosed to prospective buyers. The duty to disclose material facts to all parties supersedes the duty of confidentiality to the seller.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AgencyA 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.
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