What should a license holder do if they have a personal interest in a property they are selling?

A license holder must disclose any personal interest in a property they are selling in writing. This is essential for maintaining transparency and protecting all parties involved in the transaction. Full disclosure helps to ensure that potential buyers are fully informed about any potential conflicts of interest. It upholds ethical standards in real estate practice and complies with legal obligations that promote trust and integrity in the marketplace.

Keeping the interest confidential would go against the principle of transparency that is foundational in real estate transactions. Notifying the seller is necessary but does not fulfill the requirement of disclosing it in writing to all relevant parties. Consulting with an attorney, while sometimes advisable for legal clarity, does not substitute for the need to provide standard written disclosure regarding personal interests in a property. Overall, written disclosure contributes to a transparent and ethical transaction process.