What must Mike, a Delaware licensee, ensure happens in his first meeting with a potential buyer?

In Delaware, the first meeting between a real estate licensee and a potential buyer is significant because it is the time when the licensee is required to provide the Consumer Information Statement (CIS). This document is essential as it outlines the types of agency relationships that exist in real estate transactions and helps the buyer understand their rights and the responsibilities of the agent.

By ensuring that the potential buyer signs the CIS at this initial meeting, Mike complies with Delaware law, which mandates that the consumer is informed about agency relationships before any substantive discussions take place regarding buying property. This step not only builds trust and transparency but also protects both parties throughout the transaction.

While getting pre-approved and signing agreements like an exclusive agency agreement or a common law agency agreement may be important in the overall process of buying real estate, they are not required to occur during the first meeting. Thus, focusing on the CIS is key to establishing a proper foundation for the buyer-agent relationship in accordance with Delaware regulations.