Agency
Utah requires that an agency disclosure be provided to a buyer or seller:
AOnly at the time of closing
BBefore the licensee provides any real estate services✓ Correct
CAfter the purchase contract is signed
DOnly if a buyer representation agreement is executed
Explanation
Utah law requires agency disclosure to be given before the licensee provides any real estate services to a consumer, so they understand the nature of the relationship being offered.
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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.
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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