Agency
Maine's 'Consumer Information Statement' must be provided to buyers and sellers at which point in the transaction?
AOnly at the time of signing the listing agreement
BAt the first substantive contact, before licensed services are provided✓ Correct
COnly when dual agency exists
DAt closing only
Explanation
The Maine Consumer Information Statement (agency disclosure form) must be provided at the first substantive contact with a consumer, before the licensee provides any real estate services.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
State-Specific Concepts
Disclosure Requirements
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