The notes below are intended only to supplement a complete and diligent review of the related chapter in your course text. Studying these notes alone is not expected to be adequate test preparation.
CONSUMER INFORMATION STATEMENT
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The Consumer Information Statement (CIS) defines the four business relationships that a firm may engage in.
CIS must be provided in:
Commercial sale and lease transactions are exempt
CIS must be provided to buyers prior to:
CIS must be provided to sellers prior to:
On unlisted properties (FSBO, For Sale By Owner) CIS must be presented no later than the first showing of the property
Brokerage firms may, or may not, indicate on the CIS the capacity in which they intend to work
Brokerage firms must:
Licensees must tell other licensees what type of business relationship they have with any party they are working with
When listing agency receives an inquiry from any licensee, they must verbally ascertain the capacity the inquiry licensee is acting in
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