A broker or salesperson who fails to give the statutory title notice to the buyer at or before closing
A) will have the license suspended without reinstatement for two years.
B) must forfeit the entire commission on the subject transaction but in so doing is absolved of any other liability.
C) may have the license suspended or revoked and cannot collect a commission on the subject sale.
D) is required to show cause as to why such disclosure was not made.
Answer: C) may have the license suspended or revoked and cannot collect a commission on the subject sale.
Failure to advise a buyer in writing before the closing of a real estate transaction that the buyer should obtain title assurance is grounds for suspension or revocation of a license; specifically, the agent must advise the buyer to have the abstract covering the real estate that is the subject of the contract examined by an attorney chosen by the buyer or be provided with or obtain a title insurance policy.
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