During the first meeting with a prospective buyer who wants to view homes in Everett, Washington, a buyer's broker begins discussing the buyer's budget, desired neighborhoods, and must-have features. Under RCW 18.86, what must the broker provide to the buyer at this meeting?
Correct Answer
A) The Law of Real Estate Agency pamphlet, because this is the first substantive contact.
Under RCW 18.86.030, a real estate broker must provide the Law of Real Estate Agency pamphlet (the agency disclosure pamphlet) to a prospective buyer or seller at the time of first substantive contact. First substantive contact occurs when the broker begins discussing real estate needs, budget, property preferences, or other transaction-specific matters — which is exactly what is happening in this meeting. This is a Washington-specific statutory requirement that differs from many other states, where agency disclosure is only required at the time of signing a representation agreement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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