Buyer Hector is working with salesperson Diana to purchase a home. Diana has been showing Hector properties for three weeks. During this time, Diana has not provided the mandatory Massachusetts agency disclosure form. Hector has now found a property he wants to purchase and is ready to make an offer. What is the consequence of Diana's failure to provide the disclosure form?
Correct Answer
B) Diana may face disciplinary action by the Massachusetts Board of Registration for violating 254 CMR 3.00
Failure to provide the mandatory agency disclosure form at the first personal meeting to discuss a specific property is a violation of 254 CMR 3.00, which is a Board regulation. The primary consequence is that Diana may face disciplinary action by the Massachusetts Board of Registration of Real Estate Brokers and Salespersons, which can include fines, license suspension, or revocation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
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.
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