Agency
A Nebraska salesperson meets potential buyers at an open house. Before discussing the property in detail, the salesperson must:
AGet the buyers pre-qualified
BProvide an agency disclosure✓ Correct
CHave the buyers sign a buyer's agreement
DVerify the buyers' identity
Explanation
At first substantive contact, Nebraska licensees must provide agency disclosure to consumers. An open house is a common situation requiring prompt agency disclosure before discussing property details.
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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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