Suppose you have a listing where there is a material adverse fact pertaining to the physical condition of the property. A bad furnace, for example. You rightly discuss this with your seller and advise the seller you are required under Va. Code § 54.1-2131(B) to disclose it to prospective buyers.
Your seller, furious, demands that you not do so. Again, you explain that you are obligated to do so, regardless whether he gives permission. An argument ensues; the seller fires you, and you decide to let the seller out of the listing rather than dealing with him.
Much to your chagrin you soon see the property listed by another agent at another firm (at that lower price you suggested no less!). Curious (and more than a little irritated), you pick up the phone and call the other agent and ask whether the agent is aware that the furnace is broken and is disclosing it to prospective purchasers. The new agent, now with actual knowledge, informs the seller that she too will now need to disclose (ah, sweet revenge).
Upon learning of your treason the seller furiously and gleefully files a Code of Ethics and VREB complaint on the ground the information was still confidential and you had no right to disclose it (to a non-buyer).
What is the result? My thoughts are here.
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