Sarah, a licensed Indiana broker, meets a prospective buyer named Marcus at an open house. Marcus asks Sarah several questions about the neighborhood and the list price of the home. At what point during this interaction is Sarah required to provide Marcus with the Indiana written agency disclosure?
Correct Answer
B) When the first substantive contact occurs — during the discussion of the specific property
Under IC 25-34.1-10, the written agency disclosure must be provided at the first substantive contact. When Marcus begins discussing the specific property — including questions about list price and neighborhood — that constitutes first substantive contact. Sarah must provide the written agency disclosure at that point during the open house interaction.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
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