Agency
If a buyer's agent learns through due diligence that a seller's disclosure was inaccurate, the agent should:
AKeep the information confidential to protect the transaction
BInform the buyer client of the discrepancy✓ Correct
CReport the seller to KREC
DRenegotiate the commission
Explanation
A buyer's agent has a duty to disclose all known material facts to the buyer, including any inaccuracies in the seller's disclosure discovered during due diligence.
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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.
Math Concepts
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