Agency
In Massachusetts, when must a real estate agent provide agency disclosure to a prospective buyer?
AOnly at the time of making an offer
BAt the time of first substantive contact (discussing a specific property or entering a buyer-broker relationship)✓ Correct
COnly after the buyer signs a representation agreement
DAt the closing
Explanation
Massachusetts regulations require real estate agents to provide agency disclosure at the time of first substantive contact with a prospective buyer — typically when discussing specific properties or establishing a working relationship. Early disclosure allows buyers to make informed decisions about representation.
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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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