Agency
The Tennessee Agency Disclosure document must be provided to a prospective buyer or seller:
AAt closing
BBefore or at the first substantive contact✓ Correct
COnly after a listing agreement is signed
DAt the time of the offer presentation
Explanation
Tennessee law requires that the agency disclosure be provided before or at the first substantive contact with a buyer or seller, so the consumer understands who the licensee represents before any confidential information is shared.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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