C. Things for Which a Licensee is Not Liable
In this section, we will discuss the specific areas where a licensee’s liability is limited, such as client misstatements and public record items. Understanding these limitations will help protect you from undue legal exposure. Please briefly review the corresponding documents for detailed information on these liability protections.
Summary:
Licensees have certain protections under the law, where they are not held liable for issues such as client misstatements or public record items that are reasonably accessible. For example, a licensee is not liable for a client’s misstatement unless the licensee knew about the misstatement and failed to inform the affected party. Additionally, licensees are not liable for a seller’s failure to disclose information that is part of the public record and readily available to the client, provided the licensee had no reasonable knowledge of the item.