Under Tennessee's Agency Relationships in Real Estate Transactions Act, which of the following situations does NOT require the presentation of the TREC-approved Agency Disclosure form?
Correct Answer
C) Two licensed agents from competing firms exchange information about a property at a broker's open house
Under Tenn. Code Ann. § 62-13-405, the TREC-approved Agency Disclosure form is required at first substantive contact with a prospective buyer or seller — that is, a consumer of real estate services. When two licensed agents from competing firms exchange information about a property at a broker's open house, they are communicating as licensees, not as consumers. The agency disclosure requirement applies to the agent-consumer relationship, not to inter-licensee communications.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
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