UT 3.0 hours Disclosure Is Not A Secret Course Syllabus
3.0 Elective Hours
A broker has no fiduciary duties in the absence of a broker-client relationship. Common law has held that in the common situation where one broker secures a listing to sell real estate (seller's broker) and another broker represents a buyer who makes an offer on the listed property (buyer's broker), an agency relationship between the seller and the buyer's broker is not established.
While there is no agency relationship, the buyer's broker still has some disclosure obligations to the non-client seller. The buyer's broker still has the obligation to disclose pertinent facts about the transaction, for example, the possibility that the buyer may not be able to complete the transaction.
If the broker working with the buyer is, in fact, acting as a subagent of the seller's broker, then the buyer does not have a broker-client relationship and may be acting on his own behalf. Since most buyers assume that they are getting agency representation in the sub agency situation, the disclosure of agency relationships is most important. Statutes concerning real estate agency disclosure can be found in most states.
This courses reviews disclosure obligations a licensee owes to non-clients and other licensees as well as the many types of real estate disclosures. This course is a great refresher to help you stay in compliance with disclosure obligations.