Licensees are required to disclose all of the following EXCEPT which piece of information?

In a real estate context, licensees are obligated to disclose relevant information that could influence a client's decision-making process. This includes disclosing any financial interest in the property, as this could impact the transaction's integrity and the client's perception of the agent's impartiality.

A personal relationship with a client is also a critical factor to disclose, as it can create potential conflicts of interest or biases that could affect the transaction.

Material facts about the property itself, such as issues with the structure or title, must be disclosed to protect the interests of the buyer or seller. Transparency about these elements is essential for ensuring that all parties can make informed decisions.

However, how long a licensee has been licensed does not typically constitute a required disclosure. While a licensee's experience level may be relevant in some contexts (like establishing credibility), it does not impact the transaction directly in the way that the other options do. Therefore, the correct response highlights that this detail is not something licensees are mandated to disclose.