Agency
When must a North Carolina licensee provide the 'Working with Real Estate Agents' brochure to a prospective buyer?
AOnly at closing
BAt first substantial contact✓ Correct
CAfter an offer is accepted
DOnly if the buyer requests it
Explanation
North Carolina rules require licensees to provide and review the 'Working with Real Estate Agents' (WWREA) brochure with prospective buyers and sellers at first substantial contact.
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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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