The Seller's Disclosure Act is the correct answer because it specifically outlines the obligations of sellers to disclose known material defects in a property to potential buyers. While the act requires sellers to provide this information, it also provides brokers with a certain level of protection. Brokers can rely on the disclosures made by the sellers under this act, allowing them to disclose the physical conditions of a property without taking on liability for those conditions. This means that as long as the broker acts in good faith and discloses the information as provided by the seller, they are shielded from liability related to the physical property condition itself.
This is important in real estate transactions because it helps to clarify the roles and responsibilities of the parties involved. Buyers are protected through the requirements for disclosure, while brokers are safeguarded from undue liability as long as they adhere to the stipulations outlined in the Seller's Disclosure Act.
Other documents or waivers may not provide the same level of protection or may not specifically pertain to the disclosure of property conditions in relation to liability. Thus, the Seller's Disclosure Act is tailored to address these situations explicitly.