Aceable Agent – Finance Practice Test

The IABS notice exists to inform clients about brokerage relationships and must be provided at the first substantive dialogue about real estate services, unless an exception applies. Substantive communication about a specific property is not an exception—it's exactly the kind of discussion that triggers the need for the written IABS because real estate services are being discussed. In contrast, meeting with a party who is already represented by a license holder is considered an exception, as the party already has representation and the separate IABS notice isn’t required. Likewise, a residential lease of less than one year is an exception, so the IABS isn’t required there either. Therefore, the option describing substantive discussion about a specific property is not an exception.