58-30,110. Real estate brokerage relationships.
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- The Commission shall adopt a rule and regulation prescribing
language which describes a seller's agent, a buyer's agent and a transaction
broker for inclusion in a brochure entitled "real estate brokerage
relationships".
- Except as provided in subsection (a)(3), a licensee shall furnish
a prospective buyer or seller with the brochure at the first practical
opportunity.
- A licensee is not required to provide a copy of the brochure
to a prospective buyer or seller in the following instances:
- The licensee is acting solely as a principal and not as
an agent for another;
- the communication from the licensee is a solicitation of
business;
- the transaction is regarding the sale of commercial property
or the sale of residential property of more than four units;
- the transaction is regarding the sale of property by public
auction;
- the licensee is only performing ministerial acts; or
- the customer or client has already received the brochure
from the licensee's brokerage firm.
- Acknowledgment of receipt of the brochure by the seller and
buyer shall be included in any contract for sale.
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- Except for instances when a licensee is providing information
through an advertisement or other form of public notice of the licensee's
representation of a client, a licensee representing a client in a
proposed real estate transaction shall disclose the representation
at the time of the initial contact with another licensee representing
the other party. The disclosure may be made orally or in writing.
- Each time a licensee is contacted by another licensee who requests
permission to show property to a prospective buyer, the licensee shall
inquire whether or not the licensee represents the buyer.
- The disclosure of the brokerage relationship
between all licensees involved and the seller and buyer shall be included
in any contract for sale and in any lot reservation agreement.
(History: L. 1995, ch. 252, § 10; L. 1996, ch. 212, § 18;
Revived, L. 1997, ch. 65, § 39; L. 1997, ch. 65, § 40; Oct.
1.)
