When a Montana licensee wishes to purchase a property listed with their own firm, what must they do?
Correct Answer
B) Disclose their status as a licensed real estate agent to the seller
Under Montana law, when a licensee intends to purchase property — especially one listed with their own firm — they must disclose their status as a licensed real estate agent to the seller. This disclosure requirement protects the seller from any informational or negotiating advantage the licensee may hold.
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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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