Agency
Under Maine law, a real estate agent's duty of disclosure includes disclosing which of the following to a buyer?
AThe seller's negotiating position and minimum acceptable price
BKnown structural defects, environmental hazards, and material facts about the property✓ Correct
COther buyers' offers on the property
DThe seller's personal financial situation
Explanation
An agent (whether buyer's or seller's) must disclose known material facts about the property including structural defects, environmental hazards, and other significant conditions. Confidential information about the parties (negotiating positions, financial situations) must be kept confidential.
Related Maine Agency Questions
- Maine requires that the Consumer Information Statement be signed by the consumer to:
- A Maine listing agent's obligation to disclose known material defects exists even if the seller instructs them not to disclose. This is because:
- In Maine, a broker may represent both buyer and seller in the same transaction as a dual agent only if:
- A Maine real estate agent who helps a client prepare an offer 'too low to be taken seriously' because the agent does not want to lose their relationship with the listing agent has violated their duty of:
- In a Maine transaction where a buyer is unrepresented, the listing agent should:
- In Maine, a 'buyer's agent' owes fiduciary duties exclusively to:
- When a Maine broker learns that their salesperson has been secretly representing both buyer and seller without disclosure, the broker should:
- In Maine, a real estate agent who earns a referral fee from a mortgage lender for referring a borrower must:
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