In addition to state law disclosure obligations, REALTORS® are also subject to the REALTOR® Code of Ethics. Article 2 of the Code of Ethics states that “REALTORS® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction.” This disclosure obligation is much broader than that under state law described above. Simply put, a pertinent fact is one that could be a determining factor in a reasonable buyer’s decision to purchase a property. REALTORS® are only obligated to discover adverse factors reasonably apparent to someone with expertise in those areas required by their real estate license. Even if a fact is not “pertinent”, Article 1 of the Code of Ethics prohibits intentional misrepresentations by REALTORS®, if directly asked.