If a broker is also the owner of a property, when must they disclose their ownership status?

A broker who is also the owner of a property must disclose their ownership status before any further discussion with potential buyers. This is crucial because it ensures transparency and honesty in the transaction, helping potential buyers to understand the broker's potential conflict of interest. Being upfront about ownership helps to build trust and allows buyers to make informed decisions.

This obligation aligns with ethical standards in real estate practices, where full disclosure is necessary to protect buyers and promote fair dealings. Waiting until after the first showing or making an offer could lead to misunderstandings or feelings of deception, while disclosing only at closing would not provide buyers with the information they need during the consideration phase. Thus, ensuring disclosure prior to deeper discussions is essential to uphold the integrity of the transaction.