Agency
A Utah agent who is buying a property they intend to flip for profit must disclose to the seller that:
AThey intend to resell at a higher price
BThey hold a real estate license and are purchasing as a principal✓ Correct
CThe property will be renovated before resale
DTheir expected profit margin
Explanation
Utah licensees must disclose their licensed status when purchasing property as a principal. They are not required to disclose their business intentions (profit motive), but the licensed status disclosure is mandatory.
Related Utah Agency Questions
- Termination of a buyer agency agreement in Utah can occur by:
- When a Utah principal broker designates one agent to represent a buyer and a different agent to represent the seller in the same transaction, this is:
- Utah requires that an agency disclosure be provided to a buyer or seller:
- An agent who continues to act on behalf of a client after the listing agreement has expired is acting:
- The fiduciary duty of confidentiality in a Utah agency relationship means the agent must:
- In Utah, the agency disclosure form must be provided:
- Utah's agency disclosure law requires that the disclosure form be provided by:
- A buyer's agent in Utah has a duty to investigate and verify:
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