Read Get the Facts including the Legal Hotline Q & A
Get the Facts is a Membership update sent to Washington REALTOR® members and contacts each Tuesday.  
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Weekly Membership Newsletter
April 24, 2018 • Stay Connected!
         

QUESTION:  The listing broker is the daughter of the Seller. The Seller is an investor and also a licensed real estate broker with the same firm. There is no mention of any of this on the listing. When should any of this information be disclosed? This was the listing broker’s response: “We disclose everything to the buyer once a mutual contract is accepted."


ANSWER:  The relationship between daughter/listing broker and seller is not a disclosure that is required by state law. State law assumes that listing broker is biased in favor of seller and it is irrelevant if that bias is based on the Agency Law duties owed by listing broker to seller or based on a familial relationship. The REALTOR Code of Ethics, however, may require disclosure of this relationship and broker should ask this question of her local REALTOR Association for assistance in determining the answer to that component of this question.
 
The fact that seller is a licensed real estate broker is a disclosure that is mandated by Washington law. The License Law says that a broker may be disciplined for: "... Buying, selling, or leasing directly, or through a third party, any interest in real property without disclosing in writing that the person is a real estate licensee; ..." (RCW18.85.361(21)). This is a provision of the License Law that is interpreted and enforced by the Department of Licensing and DOL interprets this provision to mean that a seller/broker must disclose that they are licensed before entering and/or as part of the PSA. The reason this disclosure is required is so that the party on the other side of the transaction is made aware of the fact that the other party is more sophisticated in RE sales and can take precautions to protect their own interests in light of that fact. Therefore, disclosure of seller's licensure after the PSA is fully negotiated and made binding is too late. Seller must disclose the fact that seller holds a RE license either before buyer makes an offer or as part of the PSA, in the form of a counteroffer to buyer's offer, if necessary.

 

The Legal Hotline Lawyer does not represent Washington REALTORS or its members. To browse through our database of past Q & A's, visit www.warealtor.org. Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. Please submit questions to legalhotline@warealtor.org . Please tell us your NRDS number when you e-mail the Hotline with your question.



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Primary Mortgage Rates Survey
(updated every Thursday)  Source:  Freddie Mac
 
 April 19, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.47%  3.94%  3.67%
 Fees & Points  0.5
 0.4
 0.3
 Margin  N/A  N/A  2.76



 April 12, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.42%  3.87%  3.61%
 Fees & Points  0.4
 0.4
 0.3
 Margin  N/A  N/A  2.76



 April 5, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.40%  3.87%  3.62%
 Fees & Points  0.5
 0.4
 0.4
 Margin  N/A  N/A  2.76



 March 29, 2018    30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.44%  3.90%  3.66%
 Fees & Points  0.5
 0.5
 0.4
 Margin  N/A  N/A  2.75



 March 22, 2018    30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.45%  3.91%  3.68%
 Fees & Points  0.5
 0.5
 0.4
 Margin  N/A  N/A  2.75



 
 UPCOMING CLASSES
Date Class Location CE  
25-APR  OSCAR Walla Walla 3.5 More info...
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26-APR  OSCAR Kennewick 3.5 More info...
26-APR Red Flags in RE Transactions Kennewick 3.5 More info...
03-MAY  2018 Legal Symposium Seattle 7.5 More info...
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21-MAY  Accredited Buyers Representative Puyallup 15.0 More info...
23-MAY At Home With Diversity Olympia7.5More info...
23-MAY Corral That DealWalla Walla 3.5 More info...
23-MAY Into the BreachWalla Walla4.0More info...
29-MAY To Disclose or Not to Disclose Wenatchee3.5More info...
29-MAY Best of the Legal HotlineWenatchee4.0More info...
30-MAY CORE & MoreKennewick7.5More info...


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