Delaware Valley Overlook

One of the first requests that a consumer should expect to receive from a licensed real estate agent is a request to view and sign a Consumer Notice (called a Consumer Information Statement in NJ and DE).

Pennsylvania law requires that all agents present a Consumer Notice upon first contact with a real estate consumer.  The purpose is to inform and explain to the consumer about the different forms of agency relationship and what real estate office the agent is licensed under and representing.  The real estate codes/statutes are very clear about this requirement as it was established for the protection of the consumer.  Failure on the part of the agent to properly present and obtain confirmation of that presentation will put the agent and his agency in jeopardy of action by the state real estate commission with suspension or even loss of license.
 
While some consumers may be hesitant about signing anything, it is important to realize and be assured that it is not a contract and even says so on the form.  The agent is only doing what he is required to do by the state real estate commission.   (What you do and agree to after signing is what will determine the agency relationship you will have with the agent.)

Below are links to examples of the Consumer Notice for you to view, along with links to area PA state commissions, REALTOR associations and corresponding  codes/statutes:
 

Consumer Notice - Presented to buyers (purchasers), sellers and potential tenants of residential and/or commercial property (if commercial property involves an individual, not a corporation or partnership [details]) the agent will be representing.
PA Association of REALTORS (PAR)
PA Real Estate Commission (part of the Bureau of Professional and Occupational Affairs)  
PA State Real Estate Commission Licensure Information
PA Real Estate Code  (PA Code: Chapter 35)
 
 

Note: While PA requires furnishing a Consumer Notice upon first contact before any discussion of a consumer's motivation or financial situation is initiated, there are situations where that may not be possible.  If it is not possible to present a Consumer Notice in person, then the agent must explain verbally and then physically present the Statement/Notice for explanation and signature upon first in-person meeting, or in some cases include with first official correspondence if occuring long-distance.
  

Copyright 2008 by Lawrence Yerkes. All Rights Reserved.