Agency
A buyer's agent learns that their buyer-client previously went bankrupt. This information:
AMust be disclosed to the seller immediately
BIs confidential and should not be disclosed without the client's permission✓ Correct
CMust be disclosed to the seller's lender
DIs irrelevant and should be ignored
Explanation
Information about a buyer's financial situation is confidential. The buyer's agent has a duty of confidentiality and should not disclose this information to the seller or seller's agent without the buyer's consent.
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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.
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