Agency
A Florida buyer's agent learns that the property they are showing has a termite infestation that is visible in the crawl space. The listing agent was not aware of this. The buyer's agent must:
AKeep the information confidential since the buyer's agent owes no duty to the seller
BDisclose this material fact to the buyer client and disclose it to the seller/listing agent so the required disclosure can be made to all prospective buyers✓ Correct
COnly disclose to the buyer and not inform the listing agent
DAdvise the buyer to use the information to negotiate a lower price without informing the seller
Explanation
Material defects like termite infestations must be disclosed to the buyer (the buyer's agent's duty to their client) AND to the listing broker/seller so that all prospective buyers can be informed as required by Florida law. Concealing a known material defect from the seller (to give the buyer a negotiating advantage) violates the disclosure requirements of F.
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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.
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.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
State-Specific Concepts
Disclosure Requirements
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