Final answer:
Licensees are not typically required to fact-check information from public agencies for property disclosures, but due diligence is essential. The FTC's principles of checking factual claims and the caveat emptor motto support the need for accurate information representation in real estate disclosures.
Step-by-step explanation:
When gathering required information for a property condition disclosure, a licensee is generally not required to fact-check information received from public agencies. However, due diligence is essential, and depending on the jurisdiction, there might be a level of responsibility for the licensee to ensure that the information they use is current and accurate to the best of their ability. This includes noting when the information was published, revised, or updated, assessing if the topic requires current information, and evaluating the evidence used to support the information. Additionally, it's important to determine whether any elements of bias could affect the information's accuracy. As the Federal Trade Commission (FTC) illustrates, factual claims are often checked for veracity to protect the consumer, adhering to the principle of caveat emptor or 'let the buyer beware'. This principle underscores the importance of accurately presenting information in advertising, which can be parallel to real estate disclosures in emphasizing the need for accurate data representation.