Agency
When must a Delaware licensee disclose their agency relationship to the other party in a transaction?
AOnly at closing
BBefore writing an offer
CAt the first substantive contact✓ Correct
DAfter showing the property
Explanation
Delaware law requires licensees to disclose their agency relationship at the first substantive contact with any party to a transaction.
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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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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