In Indiana, the Agency Disclosure form must be provided:

Agency disclosure is a fundamental concept in real estate that protects both consumers and licensees. In Indiana, as in most states, this requirement exists to ensure transparency in real estate transactions. The question tests your knowledge of when agency disclosure must be provided, which is a critical compliance point for agents. The correct answer (B) reflects Indiana's specific timing requirement. Many students confuse this with other states' requirements or with other disclosure forms that may have different timing. Understanding that 'first substantive discussion' means the first meaningful conversation about a specific property—not general market information—is key. This timing ensures clients understand agency relationships before sharing confidential information or entering negotiations, which protects both the client and the agent from potential legal issues.