undisclosed agency

undisclosed agency

The failure of an agent to disclose that he or she is working for another, called the principal. Most states require real estate agency disclosure before a person reveals any confidential information.

Example:  Ralph asks his next-door neighbor, real estate agent Beronda, to help him find a house. Beronda agrees, but she must disclose to Ralph that she will work as a subagent for the sellers (the typical situation) and will not be Ralph's agent. She will owe Ralph only the duty of honesty and no other duties.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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