Under Kentucky law, which document is required to be signed by the parties to memorialize the agency relationship disclosure made by a licensee under 201 KAR 11:121?
Correct Answer
B) A written agency disclosure form signed and retained by the licensee
Under 201 KAR 11:121, Kentucky requires licensees to provide a written agency disclosure form to all parties at first substantive contact. The form must be signed by the parties, and the licensee is required to retain a copy of the signed disclosure form. This written, signed record is the mechanism by which Kentucky ensures that all parties have been informed of the agency relationship before substantive discussions begin.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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