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Ambassador
4,556,749
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

There can be some legal ramifications for failure to disclose. Laws could vary by state. Lawsuits are not fun. And not only can sellers get in trouble but agents can be held liable as well

May 19, 2016 08:36 AM
Rainmaker
1,456,627
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Jamie Anderson Disclosure protects your client. We will have to visit you on Sunday's if you don't fully disclose.

May 19, 2016 07:49 AM
Ambassador
283,997
Scott Leaf Personal Real Estate Corporation
Keller Williams Elite Realty, Port Coquitlam, BC - Port Coquitlam, BC
Scott Leaf & Associates Real Estate Team

Being sued seems to top my list.

May 19, 2016 07:11 AM
Rainmaker
2,020,050
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Whatever the Agent knows the Client should also know !

May 19, 2016 10:06 AM
Ambassador
1,208,934
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

Um...  losing your license, getting sued, not being able to sleep at night...  

Disclosure protects everybody and is a must 100% of the time.  

May 19, 2016 07:58 AM
Rainmaker
915,573
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Protection - ramification - lawsuit and a big one!

May 20, 2016 01:11 AM
Rainmaker
1,148,899
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

commission my dear.....

May 19, 2016 10:12 AM
Rainmaker
1,380,173
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Lawsuits are bad and agents aren't always upfront about representing both sides.

May 19, 2016 08:14 AM
Rainmaker
1,866,205
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Best of luck with your studies 

Nov 16, 2019 04:36 PM
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Non-disclosure could result in being sued and possible loss of your real estate license. Follow the laws in your state and you won't have to worry about either.

Apr 04, 2019 08:19 PM
Ambassador
5,356,661
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Not disclosing can get very expensive.

 

Jun 25, 2017 10:54 PM
Rainer
159,811
Cesar Bautista
Keller Williams Realty Central Coast ~ Pismo Beach - Santa Maria, CA
Your Central Coast Area Realtor 805.264.1646

Disclosures is one of the best ways to protect from potential liability.   Providing necessary disclosure help all parties understand upfront important information and limits potential problems, misunderstanding, etc.

May 20, 2016 03:59 AM
Rainmaker
795,232
Susan Laxson CRS
Premier Sotheby's International Realty - Naples, FL
The Michelle Thomas Team

I agree with Jeff Dowler CRS 

May 19, 2016 11:30 PM
Rainmaker
3,069,934
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

What Michael Setunsky said...

May 19, 2016 11:08 PM
Rainmaker
6,539,494
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Follow the rules in your state.

May 19, 2016 10:22 PM
Rainmaker
3,994,456
Richard Weeks
Dallas, TX
REALTOR®, Broker

Not disclosing could result in being sued and possible loss of your real estate license.

May 19, 2016 09:59 PM
Rainmaker
4,433,583
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Scott has answered.

May 19, 2016 09:31 PM
Rainmaker
443,970
Dianne Goode
Raleigh Cary Realty - Raleigh, NC
Realtor/Broker

It's the right thing to do.  

May 19, 2016 09:02 PM
Rainmaker
1,157,485
FN LN
Toronto, ON

The law.

May 19, 2016 07:56 PM
Rainmaker
4,058,400
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Gladys Kravitz.  And she talks.  A lot.  Do you want to tell prospective buyers? Or do you want Gladys to tell them?  

 

May 19, 2016 06:32 PM
Rainmaker
513,424
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

The first thing you might lose is your clients trust. I overdisclose sometimes, "I am/am not the listing agent..., I showed this property to another buyer I'm working with..., This property is listed by a colleague in my office, but I'm free to represent you without reservation.., I sold this home in 2007 and it's back on the market now with another agent..."  

Trust once lost leads to all the worst things that can happen including lawsuits, fines, licence issues, etc.  

May 19, 2016 03:15 PM
Ambassador
4,312,753
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jamie Anderson - simple - let buyers know the facts about the house.

And it is important that buyer acknowledges it so they cannot go after the sellers at a later date.

May 19, 2016 02:35 PM
Rainmaker
3,985,837
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

The law ways we need to let people know who we are working with and how.  Law suits are the off shoot of not doing this

May 19, 2016 02:27 PM
Rainer
21,291
Grace Hanamoto
Intero Real Estate - Sunnyvale, CA
Quality, Knowledge, Professionalism, Experience

One of the biggest sections of law I remember learning in college was agency because it is so frought with problems, which is to be expected when you think that you are placing your personal authority into the hands of another.

Because you are representing someone else in a business dealing, disclosure (telling your principal everything you know that will adversely or positively affect a transaction) is part of the duties of a fiduciary (agent). As such, it stands to reason that disclosure is the primary job of the agent for the principal. In our case, as Realtors, disclosures are in written form and, for the most part, have been put into a specific "memo" (form) for our use in common housing transactions.  Further, we have a specific set of disclosures that are required in order to close or complete a transaction. Having all the forms created for you is not so common in other agency relationships.

Obviously failure to disclose is ground for termination of agency, lawsuits, recission of contracts, ADQ damages, etc. Let's just say you don't want to go there, right?

 

 

May 19, 2016 02:26 PM
Ambassador
2,224,117
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

You have to disclose what you know, and that includes agency relationships. Your buyer or seller deserves to know who you represent and how you are representing them. You don't want to lose your license over something like this. 

May 19, 2016 01:51 PM
Ambassador
3,722,438
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Jamie, the agency and disclosure laws vary from state to state.  if this is part of a homework assignment, shame on your instructor!  S/he should be getting you really clear on whatever the Utah agency and disclosure laws are so that when you pass the test and start your practice, you'll know what you are doing.

May 19, 2016 01:11 PM
Rainmaker
1,525,205
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

It is important to disclose everything, so just do it.

May 19, 2016 12:57 PM
Rainmaker
2,634,031
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Imagine buying something & finding out negative things after the purchase?

May 19, 2016 12:05 PM
Ambassador
2,563,711
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

You go to jail.   The only letters you receive are legal papers serving you with a civil suit.

May 19, 2016 11:49 AM
Rainmaker
1,714,969
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

The client needs to know who you are representing.  

May 19, 2016 09:22 AM