Under the Michigan Occupational Code, which document must a Michigan real estate licensee provide to a consumer that explains the different types of agency relationships available in a transaction?
Correct Answer
B) The Disclosure Regarding Real Estate Agency Relationships
Michigan law requires licensees to provide consumers with the 'Disclosure Regarding Real Estate Agency Relationships' form, which explains the different types of agency relationships (seller's agent, buyer's agent, dual agent, designated agent) and the duties associated with each. This form must be provided before real estate services begin and is mandated under MCL 339.2512d and related rules of the Michigan Occupational Code.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
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.
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