What is the name of the form used to disclose agency relationships?

Study for the Virginia Real Estate Level 1 Pre-License Test. Prepare with detailed questions and explanations. Equip yourself for success!

The Agency Disclosure Form is specifically designed to inform consumers about the nature of the agency relationship and the duties that agents owe to their clients and other parties in a transaction. This form is crucial in establishing transparency in real estate transactions, ensuring that all parties understand whether they are dealing with a client or a customer.

The form outlines the obligations of the agent, including loyalty, full disclosure, and the duty to act in the best interest of the client. By requiring this disclosure, the form helps manage expectations and promotes a clear understanding of the relationship between the agent and the client.

Other forms mentioned serve different purposes; for example, the Agent Representation Form is not an official term commonly used in real estate practice. The Client Agreement Form typically refers to agreements that bind parties to specific services or representation, while the Disclosure Statement may pertain to various disclosures required in real estate transactions, such as property condition disclosures, rather than explicitly defining agency relationships. Thus, the Agency Disclosure Form is the correct terminology for disclosing agency relationships.

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