Salesperson Maria works for Broker Tom at ABC Realty. Maria meets a prospective buyer, Kevin, at an open house and they have a detailed conversation about Kevin's budget and the type of home he is looking for. At what point was Maria required to provide Kevin with the Consumer Information Statement?
Correct Answer
B) At the beginning of their conversation at the open house, when it became substantive
Under N.J.A.C. 11:5-6.9, the Consumer Information Statement must be provided at the time of the first substantive contact. A conversation about Kevin's budget, needs, and home preferences at an open house constitutes substantive contact, triggering the disclosure obligation at that moment—not afterward.
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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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