Sandra is a Wisconsin real estate licensee showing homes to prospective buyer Derek. Under Wisconsin's agency disclosure requirements, when must Sandra first provide Derek with the required agency disclosure?
Correct Answer
A) At the first substantive contact with Derek regarding a specific property
Under Wisconsin Administrative Code REEB 24 and Wisconsin Statutes Chapter 452, a licensee must provide the required agency disclosure — the Disclosure to Customers form — at the first substantive contact with a prospective buyer or seller. This means the disclosure must occur when substantive discussions about a specific property begin, not merely at the point of signing an offer or entering a formal agency agreement.
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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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