Mississippi License Law
Mississippi licensees must provide a written agency disclosure form before providing substantial real estate services. 'Substantial real estate services' that trigger the disclosure obligation include:
AOnly writing a purchase offer
BShowing properties, discussing specific properties, or engaging in any service that could lead to or affect a specific real estate transaction✓ Correct
COnly at the time of closing
DOnly for transactions over $100,000
Explanation
Agency disclosure must occur at the first substantive (meaningful) contact, before beginning services that could lead to a transaction. This includes showing properties, discussing a specific property's features or pricing, or providing any advice that goes beyond general information.
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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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
Disclosure Requirements
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