Agency
Under South Carolina law, when must an agent disclose a material fact to a client?
AOnly when asked by the client
BPromptly upon discovery✓ Correct
CAt the time of closing only
DWithin 5 business days of discovery
Explanation
An agent has a duty to disclose material facts to their client promptly upon discovery. Withholding material information can harm the client's ability to make informed decisions.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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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