What must a broker do if they acquire an exclusive listing?

When a broker acquires an exclusive listing, the obligation to disclose all material facts about the property is paramount. This responsibility is rooted in the principles of honesty and transparency in real estate transactions, ensuring that all parties involved—especially potential buyers—are fully informed about the property.

Material facts can include issues that could affect the property's value, condition, or desirability, such as structural problems, zoning issues, or any legal encumbrances. Disclosing these details helps protect both the broker and the seller from potential legal issues down the line and builds trust in the transaction process. It also enhances the broker's reputation by demonstrating ethical practices.

While notifying other brokers, advertising the property, or offering discounts might be actions associated with marketing or managing the property, they are not mandatory requirements that address the core duty of transparency concerning material facts. Understanding this obligation to disclose is crucial for maintaining professional integrity in real estate practices.