Agency
In NJ, which of the following actions would NOT be considered a material fact requiring disclosure to a buyer?
AA roof that leaks during heavy rain
BThe fact that the seller is getting divorced✓ Correct
CA crack in the foundation
DPrior pest infestation that was treated
Explanation
The seller's personal circumstances (divorce, financial hardship, relocation) are confidential information, not material facts about the property that affect its value or condition. Physical defects like a leaking roof, foundation cracks, and pest history are material facts.
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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.
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