Agency
In Rhode Island, the agency disclosure form must be provided to a prospective buyer or seller:
AAt the first substantive contact before providing real estate services✓ Correct
BOnly when a written representation agreement is signed
CAt the time of the first showing
DOnly at closing
Explanation
Rhode Island requires real estate licensees to provide the agency disclosure form at the first substantive contact with a prospective buyer or seller, before any real estate services are provided, so consumers understand the agent's role.
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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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