Agency
Which of the following statements about the Missouri seller's disclosure requirement is TRUE?
AIt is optional for sellers
BIt requires sellers to disclose known material defects affecting the property✓ Correct
COnly licensed agents must complete it
DIt applies only to commercial properties
Explanation
Missouri requires sellers of residential property to provide a Seller's Disclosure Statement disclosing known material defects and conditions affecting the property before or at the time of sale.
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Key Terms to Know
Agency
A 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.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
State-Specific Concepts
Disclosure Requirements
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