reg 24
In forceMaterial facts
Part 6Specific duties of agents and sales representatives
24 Material facts
(1)
Prior to the execution by a client of any contract relating to the sale or lease of any real estate or business the agent or sales representative must make all reasonable efforts to ascertain or verify all facts material to the transaction (the material facts) that a prudent agent or sales representative would ascertain or verify.
(2)
An agent or sales representative must promptly communicate a material fact to any person who may be affected by the material fact and appears to be unaware of it.
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