Agency
A Washington seller's agent discovers that the property has a significant foundation crack not disclosed on the seller disclosure statement. The agent's obligation is to:
AKeep it confidential to protect the seller's interests
BDisclose the material defect to prospective buyers✓ Correct
COnly disclose if the buyer asks directly
DSuggest the seller reduce the price without disclosing the specific reason
Explanation
Washington's agency law and RCW 64.06 require disclosure of material defects.
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Key Terms to Know
Agency
A 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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
State-Specific Concepts
Disclosure Requirements
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