A prospective buyer contacts broker Lisa and asks her to help find a home. At their very first meeting, Lisa shows the buyer three available listings and discusses the buyer's budget and preferences. Under Indiana law, what must Lisa do at this first meeting?
Correct Answer
A) Provide the buyer with the Indiana written agency disclosure (the written agency disclosure) at this first substantive contact
Under IC 25-34.1-10 (Indiana Agency Relationships in Real Estate Transactions Act), a licensee must provide the Indiana written agency disclosure (the written agency disclosure) to all parties at first substantive contact. Discussing a buyer's budget, preferences, and showing properties constitutes first substantive contact. The form must be provided at this first meeting, not later in the process.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
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