Under Delaware's agency disclosure requirements, what must the disclosure form contain?
Why An explanation of the different agency relationships available (seller's agent, buyer's agent, disclosed dual agent, transaction broker), the duties owed in each relationship, and the consumer's right to choose Is Correct
Answer B: An explanation of the different agency relationships available (seller's agent, buyer's agent, disclosed dual agent, transaction broker), the duties owed in each relationship, and the consumer's right to choose
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
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Key Terms to Know
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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.
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