Agent Victor is holding an open house for his listing in Bethesda. Prospective buyer Rachel walks in and begins asking detailed questions about the property's price flexibility and the seller's motivation. Victor has not yet provided any agency disclosure. Under Maryland law, what is Victor's FIRST obligation at this point?
Correct Answer
D) Provide Rachel with the written Disclosure of Brokerage Relationship form explaining the available agency relationships
Under Maryland law, a licensee must provide a written Disclosure of Brokerage Relationship form to a prospective buyer at the first substantive contact. Answering detailed questions about price flexibility and seller motivation constitutes substantive contact. Victor's first obligation is to provide this disclosure form, which explains the types of agency relationships available in Maryland, the duties owed, and must be signed by the consumer. This is a prerequisite to any further substantive discussion.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
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