Agency
A Delaware buyer's agent discovers that the property has a history of flooding not disclosed by the seller. What should the agent do?
AKeep this information confidential to avoid damaging the transaction
BDisclose the flooding history to the buyer, as it is a material fact affecting their decision✓ Correct
CReport the information only to the Delaware Real Estate Commission
DAdvise the buyer to purchase flood insurance and proceed with the transaction
Explanation
A Delaware buyer's agent has a duty to disclose all known material facts to their client, including known defects or adverse conditions affecting the property. Flooding history is a material fact that could significantly affect the buyer's decision and the property's value. The agent must disclose it regardless of whether the seller has disclosed it.
Related Delaware Agency Questions
- What is a 'buyer representation agreement' in Delaware?
- Under Delaware law, the listing broker is required to present ALL offers to the seller:
- A Delaware listing agent who fails to present a written offer because they personally believe the seller will not accept it has:
- Delaware's Seller Agent Disclosure requires that the listing agent provide the seller with written disclosure of agency:
- A subagent in Delaware is an agent who:
- A Delaware buyer's agent shows a property that is listed by the same brokerage. This creates what type of agency?
- When may an agent's duty of confidentiality be breached?
- Dual agency in Delaware is:
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