What document outlines a broker's agreement with the client and must be shared upon receipt of earnest money?

The correct answer for the document that outlines a broker's agreement with the client and must be shared upon the receipt of earnest money is the purchase agreement. This document is critical in the real estate transaction process as it provides all the details regarding the terms of the sale, such as the purchase price, financing arrangements, property details, and the obligations of both the buyer and the seller. When earnest money is given by a buyer, it signifies their serious intent to purchase the property, and the purchase agreement formalizes that intent.

It is important for the broker to provide the purchase agreement to all relevant parties, including the client, to ensure transparency and that everyone is aware of the terms being agreed upon. This is crucial for maintaining a clear communication channel and establishing a solid legal foundation for the transaction.

Other documents, such as the listing agreement, primarily relate to the relationship between the seller and the broker, while a disclosure statement provides necessary information regarding the condition of the property but doesn’t detail the agreement between parties involved in the transaction. An assessment report typically pertains to valuing the property or assessing taxes rather than outlining the contractual agreement between the broker and the client.