It is the brokers duty to keep the principal fully informed at all times of all the facts or information that might affect the transaction or the value of the property.
-Full, fair and prompt disclosure of all material facts must be revealed to the principal even if the disclosure of such facts might cause the transaction to fail.
-Even For Example: The buyers financial condition, the status of the earnest money deposit , or if a personal relationship exists between the agent and the buyer.
-Agents may be held responsible for material facts they should have known and communicated but did not.
Information is courtesy of Rowlett Real Estate School LLC and Captain Wayne Rowlett.
For information on our classroom courses and online courses visit our website at www.rowlettrealestateschool.com Check out our website for a full line up of Online real estate courses including our traditional Live Classroom Training.
We have live classroom training for our Pre Sales Associate Class in Panama City Florida and in Destin Florida every other month.