Duty to disclose refers to the legal obligation of a seller, broker, or agent to inform a prospective buyer or interested party about any negative condition or material fact that could influence the property's value or a buyer's decision.
Full Disclosure is a requirement that compels parties involved in a transaction to reveal all pertinent information that could impact the party receiving the information, ensuring fair and transparent dealings.
A trust account, also known as an escrow account in some states, is a separate bank account required by state law for brokers to deposit all client monies. This ensures that client funds are kept separate from the broker's own funds.
