Agency
Under Delaware's agency disclosure requirements, what must the disclosure form contain?
AOnly the agent's name and license number
BAn 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✓ Correct
COnly the agent's commission rate
DA list of all properties the agent has sold in the past year
Explanation
Delaware's agency disclosure form must explain the types of agency relationships (seller's agent, buyer's agent, disclosed dual agent, designated agent, transaction broker), the fiduciary duties owed in each type, and the consumer's right to choose the representation that best fits their needs. It must be presented at first substantive contact.
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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.
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.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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