Agency
In New Jersey, the Consumer Information Statement (CIS) must be provided to buyers and sellers:
AOnly at closing
BAt the first substantive meeting about a specific property✓ Correct
COnly when dual agency is involved
DOnly at the time of signing the listing agreement
Explanation
New Jersey's Consumer Information Statement must be provided at the first substantive meeting to inform buyers and sellers of the different agency relationships available and the duties each entails.
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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.
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.
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