Agency
In Tennessee, if a buyer's agent has actual knowledge that the seller is in financial distress and must sell quickly, the agent:
AMust disclose this to help the buyer negotiate a lower price
BMust keep this confidential if it was learned through the agency relationship — but may act on it for the buyer's benefit without direct disclosure✓ Correct
CMust inform TREC immediately
DMust withdraw from the transaction
Explanation
Information about the seller's motivation or financial distress can be used by the buyer's agent to benefit the buyer in negotiations. Whether such information must be disclosed or kept confidential depends on how it was obtained and the agent's duties.
Related Tennessee Agency Questions
- In Tennessee, when a buyer's agent represents a buyer in a property that the agent also lists, they are in:
- A Tennessee broker who represents neither party in a transaction but assists both in completing the transaction is known as a:
- In Tennessee, a 'designated agency' arrangement means:
- The Tennessee agency disclosure form must be signed by the consumer:
- In Tennessee, a buyer's representation agreement creates a:
- Implied agency arises when:
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- In Tennessee, a 'safety protection clause' (broker protection clause) in a listing agreement protects the broker by:
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