Practice Quiz

California Real Estate Exam

Category - California

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What parties are required, by law, to sign the Agency Disclosure Statement:
  1. Buyer only
  2. Seller only
  3. Buyer and seller
  4. Buyer, seller, listing salesperson and selling salesperson
Explanation
Answer: D. The Agency Disclosure Statement requires that the buyer and seller be informed about agency of who can represent them as early as practical in the transaction. Each party should then finally elect who they want to act as their agent. The selling and listing agent must also be assigned before the close of escrow.
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