Under Tennessee's Agency Relationships in Real Estate Transactions Act, when must a licensee first provide the TREC-approved Agency Disclosure form to a prospective buyer or seller?
Correct Answer
A) At the first substantive contact with the prospective buyer or seller
Tenn. Code Ann. § 62-13-401 et seq. requires that the TREC-approved Agency Disclosure form be provided at the first substantive contact with a prospective buyer or seller. This timing requirement ensures that clients understand the nature of the agency relationship from the outset.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
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.
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