Agency
In New Jersey, the Consumer Information Statement (CIS) required by the Real Estate Brokerage Relationships Act must be given to prospective buyers and sellers:
AOnly at the time of closing
BAt the first substantive meeting to discuss a specific property or the client's needs✓ Correct
COnly after an exclusive agency agreement is signed
DWithin 3 days of the first contact
Explanation
NJ's Real Estate Brokerage Relationships Act requires licensees to provide the Consumer Information Statement (CIS) at the first substantive contact with a buyer or seller about a specific property or their real estate needs. This ensures consumers understand agency relationships early.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
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