Jennifer is a buyer's agent in Somerville, Massachusetts. She is representing a buyer who has signed a Purchase and Sale Agreement. Jennifer has not yet provided the buyer with the mandatory written agency disclosure required under 254 CMR 3.00. The buyer is now asking Jennifer to explain the agency relationship. Under Massachusetts regulations, when should Jennifer have provided the mandatory written agency disclosure?
Correct Answer
B) At the first personal meeting with the buyer to discuss a specific property
Under 254 CMR 3.00 (Massachusetts Mandatory Licensee-Consumer Relationship Disclosure), a real estate licensee must provide the written agency disclosure to a consumer at the FIRST PERSONAL MEETING to discuss a specific property. Jennifer was required to provide this disclosure at her first in-person meeting with the buyer when they discussed a specific property — not at the time of signing the P&S, not before the offer, and not at closing. Providing the disclosure at a later stage is a regulatory violation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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