Final answer:
A real estate license holder must disclose their representation at first contact and during substantive communication to ensure transparency and ethical conduct.
Step-by-step explanation:
The question relates to the duties of a license holder in a real estate transaction. A license holder who represents a party in a proposed real estate transaction should disclose that representation at the first contact with another party or the party's agent involved in the transaction. Additionally, disclosure of representation should also be made when any substantive communication about the transaction takes place. This could be during negotiations, presentations, or any other instance where understanding the representation could influence decisions. This requirement promotes transparency and ethical practice in real estate transactions, aligning with standards often seen in areas such as voting processes and lobbying efforts.