Final answer:
The Consent to Transition to Transaction Broker notice must be 'signed' or 'initiated' for the transition to legally occur in a real estate transaction. This documentation is vital to comply with real estate laws and to ensure informed consent from all parties.
Step-by-step explanation:
The Consent to Transition to Transaction Broker notice is required to be signed or initiated for the transition to occur. In real estate, when an agent who has been working solely for the seller or the buyer needs to act in the capacity of a transaction broker, representing both parties in a non-agency relationship, this consent is necessary. This notice ensures that both parties to a transaction are informed about the change in the agent's role and have given their permission for the agent to proceed as a transaction broker.
It's crucial for the notice to be properly documented to protect all parties involved and to comply with real estate laws and regulations. Lack of proper documentation and consent can lead to legal complications and might affect the validity of the agreement brokered by the agent.