What is a licensee's general duty to disclose known material defects in a property?

Even while owing fiduciary duties to their client, a licensee generally must disclose known material defects — significant physical or other conditions affecting a property's value or desirability — to the parties, and must not conceal or misrepresent them. A seller's agent cannot help hide a known defect from a buyer, and most states require honest disclosure of material facts to all parties regardless of who the agent represents. Latent (hidden) defects known to the licensee are especially important to disclose. The specific disclosure forms and the line between a 'material' defect and minor issues vary by state, but the duty not to conceal known material defects is a consistent state-portion principle.