Delaware licensee Mark is helping buyer Lisa purchase a condominium in Wilmington. Lisa has not signed a buyer agency agreement, and Mark has not provided her with a written agency disclosure form. Lisa asks Mark to write an offer for $275,000 on a unit she likes. Under Delaware law, what is the most immediate concern with this situation?
Correct Answer
B) Mark has violated Delaware's agency disclosure requirement by not disclosing his agency status at first substantive contact
Under 24 Del. C. § 2973, Delaware requires licensees to disclose their agency status at the time of first substantive contact. Mark's failure to provide a written agency disclosure form before reaching the point of writing an offer represents a violation of Delaware's agency disclosure requirement. The disclosure should have occurred at the first substantive contact with Lisa, long before the offer stage.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
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