Agency
An Oregon broker learns their buyer client was previously in bankruptcy. This information is:
APublic record that must be disclosed to the seller
BThe buyer's confidential information that the broker must not disclose without consent✓ Correct
CMaterial information the broker must disclose to protect the seller
DIrrelevant since bankruptcy records are expunged after 7 years
Explanation
A buyer's financial history, including bankruptcy, is confidential information held by the buyer's agent. The buyer's agent owes the buyer confidentiality and may not disclose this information to the seller 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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