Agency
Under the Georgia Brokerage Relationships in Real Estate Transactions Act (BRRETA), the disclosure of brokerage relationships must be made:
AOnly when dual agency is contemplated
BBefore entering into a brokerage engagement or showing property✓ Correct
CAt the time of closing
DOnly in writing via a notarized document
Explanation
BRRETA requires that the disclosure of brokerage relationships be provided to prospective buyers and sellers before a brokerage engagement is entered into or before showing property, whichever comes first.
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Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate 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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