When a licensed real estate agent wishes to purchase a property that is listed for sale, what must they do?
Correct Answer
B) Disclose in writing that they are a licensed real estate agent before or when making the offer
Under Rhode Island law, when a licensed real estate agent is purchasing property for their own account, they must disclose their status as a licensed real estate agent in writing to the seller before or at the time of making an offer. This disclosure requirement protects sellers from potential informational advantages held by licensees. DBR approval is not required, nor is the agent required to use a different firm or offer above asking price.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
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.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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