AgencyIntermediateDelaware Exam

The Delaware disclosure of brokerage services document must be presented to a prospective client:

AAt or before signing a listing or buyer agency agreementCorrect

BAt closing

COnly if the transaction involves a property over $500,000

DOnly upon the client's request

Why At or before signing a listing or buyer agency agreement Is Correct

Answer A: At or before signing a listing or buyer agency agreement

Delaware requires that the brokerage services disclosure be provided to a prospective client at or before entering into a representation agreement, ensuring they understand the agency relationship offered.

Exam Tip: Agency

Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.

Key Agency Terms in This Question

Agency

A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.

Lien

A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.

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Key Terms to Know

Buyer's Agent

A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.

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.

Agency

A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.

Dual Agency

A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.

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Agency Law Guide

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