Final answer:
On an Intermediary Relationship Notice form, the 'prospect' refers to either the buyer or the seller, depending on who is being represented by the agent or broker in the real estate transaction.
Step-by-step explanation:
In the context of real estate transactions, the 'Intermediary Relationship Notice form' is typically used to clarify the relationship between real estate agents and the parties involved in a transaction.
On this form, the 'prospect' refers to the buyer or seller of a property, depending on who the agent or the broker represents. If the agent is working with a buyer looking for a property, the prospect is the buyer; if the agent is listing a property for sale, then the prospect is the seller. It's important to note that the broker can also serve as an intermediary if they have agents representing both the buyer and the seller in the same transaction, while the agent is the licensed individual working under the broker.