In states where full disclosure isn't required, whose responsibility is it to disclose any items required by law and respond honestly to any questions about the property’s condition?

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25-07-2022
Social Studies

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In states where full disclosure isn't required, whose responsibility is it to disclose any items required by law and respond honestly to any questions about the property’s condition?

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topeadeniran2 topeadeniran2 · Answer 1 · 2022-07-29T19:52:59+02:00

In states where full disclosure isn't required, it is the responsibility of the seller to disclose any items required by law and respond honestly to any questions about the property’s condition. Therefore, the correct option is D.

What is full disclosure?

Full disclosure is the U.S. Securities and Exchange Commission's requirement that publicly traded companies should release and provide for the free exchange of all material facts that are relevant to their ongoing business operations.

It should be noted that full disclosure is when a company or individual is required to reveal the complete truth regarding a matter necessary for another party to know before entering into a sale or contract.

Full disclosure can apply to many different matters in the world of business. In this case, the seller should disclose any items required by law and respond honestly to any questions about the property’s condition.

The full disclosure principle is crucial to ensuring that there is limited information asymmetry between the company's management and its current shareholders.