Licensees do not have a duty to conduct an independent investigation of the customer‘s or client‘s financial condition and do not have a duty to independently verify the accuracy or completeness of financial statements made by the customer or client or any independent inspector, auditor, or lender, but if the licensee has actual knowledge of false financial information, the licensee shall advise the party to correct it and shall not pass on the information known to be false.

75 Del. Laws, c. 277, § ?6; 78 Del. Laws, c. 166, § ?1;

Terms Used In Delaware Code Title 24 Sec. 2929

  • Client: means a member of the public who is the principal in the statutory or common law agency relationship. See Delaware Code Title 24 Sec. 2902
  • Customer: means a member of the general public working with a licensee as a potential buyer, seller, exchangor, exchangee, tenant, or landlord of real property or is consulting with a licensee in 1 of these capacities for the purpose of entering into a brokerage agreement or transaction, but who has not yet entered into a statutory or common law agency relationship with a licensee. See Delaware Code Title 24 Sec. 2902
  • Licensee: means an individual licensed under this chapter as a broker, associate broker or salesperson without implying what legal relationship they have with a customer or client. See Delaware Code Title 24 Sec. 2902
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