Agency Disclosure "Musts"
Listing, Buyer Agency and Dual Agency Agreements
Must:
contain a "Description of Agent Duties and Relationships" required by the Real Estate Commission.
if the firm engages in dual agency, contain this statement following the "Description" and a box to be checked if the statement is applicable: "This firm represents both sellers and buyers. This means that it is possible that a buyer we represent will want to purchase a property owned by a seller we represent. When that occurs, the agent and firm listed above will act as dual agents if all parties agree." You must review the "Description" with the party(ies) retaining your services.
Preprinted Offer to Purchase Forms
Must:
identify each real estate agent and firm in the transaction and whom they represent.
Disclosure to Buyer from Seller's Agent or Subagent Form
You must.
when acting as the agent or subagent of the seller, furnish and review with each prospective purchaser a disclosure form required by the Commission stating that you represent the seller.(See form)
make the disclosure at your "first substantial contact" with the purchaser.
give the purchaser a copy of the form after he/she has signed it, keeping the signed original for your records.
Disclosure to Seller from Buyer's Agent
You must:
when acting as a buyer's agent, disclose orally to the seller or seller's agent (upon initial contact) that you represent the buyer, and provide written confirmation of such disclosure no later than the time of delivery of an offer from the buyer you represent.