Agency
A Washington seller's agent knows the seller's property has a HVAC system that is 25 years old and likely near end of life. The seller has not disclosed this. The agent should:
AKeep silent to avoid reducing the property's perceived value
BAdvise the seller to disclose the aging HVAC system as a material fact on the seller disclosure statement✓ Correct
COnly disclose if directly asked by a buyer
DEstimate the remaining life and include it in the MLS listing remarks
Explanation
An aging mechanical system nearing end of life is a material fact affecting the property's value. Washington's agency law and seller disclosure requirements (RCW 64.
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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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