Do You Have to Disclose a Death in a House? - realtor.com But opting out of some of these cookies may affect your browsing experience. 3) use confidential information of clients for the REALTORs advantage or the advantage of third parties unless: a) clients consent after full disclosure; or, b) REALTORS are required by court order; or, c) it is the intention of a client to commit a crime and the information is necessary to prevent the crime; or. No inducement of profit and no instruction from clients ever can justify departure from this ideal. It is essential to fully disclose all information important to the sale, which could affect a buyers decision to purchase. (Amended 1/98), The fact that a prospect has retained a REALTOR as an exclusive representative or exclusive broker in one or more past transactions does not preclude other REALTORS from seeking such prospects future business. REALTORS, acting as agents or brokers of buyers/tenants, shall recommend that buyers/tenants obtain the advice of legal counsel if there is a question as to whether a pre-existing contract has been terminated. (Amended 1/12), The filing of litigation and refusal to withdraw from it by REALTORS in an arbitrable matter constitutes a refusal to arbitrate. (Amended 1/08), REALTORS must not represent that their brokerage services to a client or customer are free or available at no cost to their clients, unless the REALTOR will receive no financial compensation from any source for those services. All rights reserved. 17. Steps to Take When Your Business Partner Breaches a Contract. 2021 Provident Lawyers. Law Practice, Attorney However, if asked by a REALTOR, the broker refuses to disclose the expiration date of the exclusive buyer/tenant agreement, the REALTOR may contact the buyer/tenant to secure such information and may discuss the terms upon which the REALTOR might enter into a future buyer/tenant agreement or, alternatively, may enter into a buyer/tenant agreement to become effective upon the expiration of any existing exclusive buyer/tenant agreement. (Adopted 1/97), 5) Where a buyer or tenant representative is compensated by the seller or landlord, and not by the listing broker, and the listing broker, as a result, reduces the commission owed by the seller or landlord and, subsequent to such actions, claims to be the procuring cause of sale or lease. When this happened, did the buyer disclose their potential inability to perform beforehand? While many disclosure requirements are set by statute (e.g., Notice of Soil Remediation, A.R.S. Information concerning latent material defects is not considered confidential information under this Code of Ethics.

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