At what time should a real estate licensee present the Consumer Notice to a prospective buyer?
a. At the open house as people sign in
b. At the first substantive meeting
c. After showing two properties
d. Never, this form must be given to sellers, not buyers
The correct answer to this question is : b. At the first substantive meeting
Real estate licensees in several jurisdictions are required to present the Consumer Notice to a prospective buyer at the first substantive meeting. This notice contains critical information about the licensee’s and potential buyer’s duties and responsibilities, such as agency connections, representation, and disclosure.
It’s usually delivered early on in the process to make sure the prospective buyer understands their rights and the nature of the real estate deal. Specific rules and restrictions may differ by location, thus real estate licensees must be informed of and comply with the applicable laws and regulations in their area.