Agency
A Florida buyer's agent discovers their buyer has a history of defaulting on mortgages. The agent should:
ADisclose this to the seller's agent to ensure the transaction can close
BKeep this information confidential as it is the buyer's personal financial information✓ Correct
CReport it to FREC
DRefuse to show the buyer any more properties
Explanation
A buyer's agent in Florida has a duty of confidentiality to the buyer client. Personal financial information, including credit history, is confidential and should not be disclosed to the seller or listing agent without the buyer's consent.
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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.
State-Specific Concepts
FREC Regulation
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