Agency
A Wisconsin listing agent learns that the seller is divorcing and must sell quickly. This information is:
AMaterial and must be disclosed to the buyer immediately
BConfidential and must not be disclosed to buyers without the seller's consent✓ Correct
CIrrelevant to the transaction and need not be addressed
DRequired to be included in the MLS listing
Explanation
A seller's agent owes the seller confidentiality. The seller's personal motivation and financial urgency are confidential information that the agent must not disclose to buyers without the seller's permission.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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.
State-Specific Concepts
DRE Regulation
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