Final answer:
The form that must be signed by the buyer to clarify the role of both the buyer and licensee in a fiduciary relationship is the Disclosure Regarding Real Estate Agency Relationships form (or similar document as required by local regulations).
Step-by-step explanation:
In real estate transactions, ensuring transparency and clarifying roles is crucial. The Disclosure Regarding Real Estate Agency Relationships form is pivotal in this regard. This document outlines the responsibilities and relationships between the buyer and the licensee, establishing a clear understanding of their roles in the transaction. It typically delineates the duties owed by the agent, such as loyalty, confidentiality, disclosure, obedience, and accountability.
Simultaneously, it informs the buyer about the representation they can expect from the licensee. By signing this form, the buyer acknowledges the nature of the relationship they have with the sales associate, ensuring that both parties are aware of their respective rights and obligations throughout the property transaction.
Correct answer: Disclosure Regarding Real Estate Agency Relationships form (or similar document as required by local regulations)