Before reviewing an offer with his clients, what must designated agent Mickey complete?

Before reviewing an offer with his clients, Mickey must complete the Agency Disclosure Statement. This document is crucial in real estate transactions as it informs clients about the nature of the agency relationship they have with their agent. It establishes the responsibilities and obligations of the agent, ensuring that clients are aware of their rights and how their best interests will be represented.

In many states, including Kentucky, agents are legally required to present this disclosure to clients before engaging in discussions about offers, listings, or any other fiduciary responsibilities. By ensuring this statement is completed, Mickey confirms that clients understand whether he represents them as a buyer’s agent, seller’s agent, or in a dual agency capacity. This transparency is fundamental to maintaining trust and complying with legal obligations within real estate transactions.

Other options, such as an exclusive inventory report, contract of sale, or market analysis report, while potentially important documents in the real estate process, do not precede the discussion of an offer in the same way. These documents serve different purposes, such as detailing property features, formalizing agreements, or assessing market conditions. However, completing the Agency Disclosure Statement is the foundational step necessary before advancing to any negotiations or offer evaluations with clients.