Agency
Connecticut real estate law requires that the agency disclosure form explain to consumers:
AThe commission splits between cooperating brokers
BThe options of buyer agency, seller agency, dual agency, and transaction brokerage✓ Correct
CThe specific terms of any listing agreement
DThe licensee's personal background and education
Explanation
Connecticut's agency disclosure form explains the different types of agency relationships available (buyer agency, seller agency, dual agency, and facilitation/transaction brokerage) so consumers can make informed choices.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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