Agency
Under North Dakota's agency disclosure requirements, the agency disclosure form is NOT required when:
AA buyer calls to inquire about a listed property
BA buyer signs a buyer-broker agreement
CA seller is at a casual social event not involving real estate business✓ Correct
DA licensee shows a property to a buyer
Explanation
Agency disclosure is required at first substantial contact in the context of a real estate transaction. Casual social interactions that do not involve real estate business are not considered 'first substantial contact' requiring disclosure.
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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.
State-Specific Concepts
Disclosure Requirements
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