Agency
A Connecticut seller instructs their listing agent NOT to disclose that the basement floods every spring. The agent must:
AFollow the seller's instructions since the seller controls the disclosure
BKeep the information confidential as part of the duty of loyalty to the seller
CRefuse to conceal the known defect; the agent must disclose the flooding to prospective buyers✓ Correct
DDisclose only if asked directly about the basement
Explanation
A known material defect (recurring basement flooding) must be disclosed by the agent to prospective buyers. An agent cannot follow a client's instruction to conceal material defects.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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.
State-Specific Concepts
License Law
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