Agency
Under Idaho law, when must a real estate agent present the Agency Disclosure Brochure to a potential client?
AAt or before the time of entering into a listing agreement or buyer representation agreement✓ Correct
BOnly when a dual agency situation arises
CAt closing
DOnly when requested by the client
Explanation
Idaho requires agents to present the IREC Agency Disclosure Brochure at or before entering into a listing agreement, buyer representation agreement, or at first substantive contact with a party who is not already represented. The purpose is to explain agency options available in Idaho.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
LienA 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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