Question

Fred is a buyer's agent in Colorado. When he approaches a property that is For Sale By Owner, when and how must he disclose his agency relationship?a.) Disclosure is not necessary because the sellers have chosen to represent themselves.b.) Oral disclosure is adequate unless the buyer wants to submit an offer, then in writing with the offerc.) Orally at the first contact and in writing at the first physical meeting1d.) in writing when taking the one-party listing on the property

Answer 1

Answer:

C) Orally at the first contact and in writing at the first physical meeting

Explanation:

Since Fred is a buyer's agent, when he approaches a seller (the owner himself or a seller's agent), he has the legal obligation to disclose who he is to the seller. He doesn't necessarily have to say who his client is, but me must inform that he is a buyer's agent. If Fred contacts the seller by phone, he must disclose the information orally, or if he personally meets the seller, he must disclose the information in writing. Even if Fred disclosed the information by phone, he must still do it in writing if he meets with the seller on a later appointment.