Final answer:
A broker who fails to disclose dual agency is subject to legal action, fines, and loss of license. A broker who fails to disclose their dual agency is subject to all of the above(4).
Step-by-step explanation:
A broker who fails to disclose their dual agency is subject to all of the above - legal action, fines, and loss of license. Dual agency refers to a situation where a broker represents both the buyer and the seller in a real estate transaction, which can create a conflict of interest. To protect the interests of both parties, brokers are required to disclose their dual agency status to all parties involved in the transaction.
Failure to disclose dual agency is a violation of ethical and legal standards in the real estate industry. It can result in legal action taken against the broker by affected parties who may seek compensation for any damages incurred.
In addition to potential legal action, a broker who fails to disclose their dual agency may also face fines imposed by regulatory bodies. These fines can vary depending on the jurisdiction and severity of the violation.
In some cases, failure to disclose dual agency may lead to the loss of the broker's license. The specific penalties for this violation can also vary depending on the laws and regulations of the relevant licensing authority.