Connecticut salesperson Nina is a transaction broker assisting both buyer Kevin and seller Rita in a residential sale in Hartford without representing either party as a fiduciary agent. Kevin asks Nina whether she is required to provide him with the Connecticut agency disclosure form. Which answer best reflects Connecticut law?
Correct Answer
A) Yes, Nina must provide the agency disclosure form to both Kevin and Rita at first substantive contact, clarifying that she is acting as a transaction broker and not as a fiduciary agent for either party
CGS § 20-325c applies to all Connecticut real estate licensees engaged in real estate transactions, including those acting as transaction brokers or in non-agency facilitation roles. The purpose of the disclosure form is to clarify the nature of the relationship being offered, which is especially important when no fiduciary agency is being created. Nina must provide the form to both Kevin and Rita at first substantive contact, specifying that she is acting as a transaction broker and not as a fiduciary agent for either party.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
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