Agency
A North Dakota buyer's agent discovers that the seller is in financial distress and is planning to declare bankruptcy. This information is:
AConfidential and must never be disclosed
BMaterial information that may affect the buyer's decision and should be disclosed to the buyer-client✓ Correct
COnly relevant if it affects the property's physical condition
DProhibited from disclosure by financial privacy laws
Explanation
A seller's financial distress or impending bankruptcy is material information that could affect the buyer's decision or ability to close the transaction. A buyer's agent has a duty to disclose this information to the buyer-client.
Related North Dakota Agency Questions
- A North Dakota buyer's agent owes which of the following duties to the seller?
- A North Dakota buyer's broker agreement that is exclusive gives the broker the right to:
- Under North Dakota's agency disclosure requirements, the agency disclosure form is NOT required when:
- A North Dakota buyer's agent who has a conflict of interest due to a personal relationship with the seller should:
- Which of the following is the BEST description of express agency?
- An agency relationship is terminated when:
- A North Dakota listing agent who accepts a buyer's offer without first presenting it to the seller has violated:
- A North Dakota agent who represents a seller and receives an offer that the seller would want to accept but doesn't present it (deciding the offer is 'not worth the seller's time') has:
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