I recently took my Realtor License exam, and came across a question I was hoping someone could clarify for me. I re-made the question the best I could remember....
Question: A licensee gets information of a leak in their clients(the sellers) basement. The seller produces a document showing there is no leak (i think by a professional). The licensee MUST:
A. Keep this information confidential, unless the seller authorizes you to disclose it.
B. Reccomend the client gets it looked at by a different professional.
C. Tell the buyer no matter what.
D. Tell the buyer only if they ask a specific question about it only if they ask specifically about the basement.
I think I got hung up on whats possibly reccomended vs whats realistic.
Having the seller get another opinion is probably a good idea, but no seller would do that if they have already paid a professional to look at it once...
Thanks for any input!
Hey Nick. Generally, pretty straight forward - if there is a significant issue like a leak, it needs to be disclosed. If the seller has knowledge there was/is water in the basement, whether it's fixed or not, they need to disclose. Better to over disclose than under as well.
The contractor/pro can say that they fixed it & not currently an issue, but still need to disclose - probably put that doc in the supplements &/or give to any potential buyers. So I would assume C is your answer.