BC Real Estate Trading Services Licensing Examination

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A real estate licensee is representing a seller. A potential buyer approaches the licensee at an open house and begins to discuss their financial situation and motivation for buying. According to the Real Estate Services Rules in BC, what is the licensee's immediate obligation?

Provide the potential buyer with the Disclosure of Representation in Trading Services form before proceeding with the conversation. Advise the potential buyer on a suitable offer price based on the information shared. Immediately convey the buyer's confidential information to the seller to secure a better negotiating position. Sign an agency agreement with the buyer to represent both parties in the transaction.

Correct Answer:

Provide the potential buyer with the Disclosure of Representation in Trading Services form before proceeding with the conversation.

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