What is it called when an agent intentionally misrepresents or conceals a known fact after a buyer asks about deaths on the property?

Question

15-04-2024
Business

High School

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What is it called when an agent intentionally misrepresents or conceals a known fact after a buyer asks about deaths on the property?

Answer :

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reetukatiyar26 reetukatiyar26 · Answer 1 · 2024-07-15T17:33:06-04:00

Final answer:

When an agent intentionally conceals or misrepresents facts about a property, such as deaths, it is known as fraudulent misrepresentation. This unethical and potentially illegal action can lead to various consequences, including legal action.

Explanation:

When an agent intentionally misrepresents or conceals a known fact after a buyer asks about deaths on the property, it is termed as fraudulent misrepresentation in legal contexts. This involves the deliberate misinformation or withholding of crucial information that can significantly affect a buyer's decision-making process regarding the purchase of a property. Such actions not only breach ethical standards within the real estate industry but can also have legal consequences, potentially resulting in lawsuits for damages, contract rescindment, or other penalties as determined by law.

Real estate agents are required to adhere to a code of ethics that promotes honesty and integrity in their dealings. Misleading potential buyers, through actions such as suggesting a property is perfect when it's known not to meet the buyer's needs, using selective photography to hide undesirable aspects of a property, or directly lying about the history of a property (such as not disclosing deaths that have occurred on the premises), directly violates this code.

The significance of truthful representation is underscored by various legal precedents and regulations that aim to protect buyers from falling victim to deceptive practices. Buyers are encouraged to conduct their due diligence and obtain professional inspections, but the duty of honest disclosure lies primarily with the seller and their agent.