58-30,109. Brokerage firm acting as a transaction broker; affiliated licensees; designated agents; rules and regulations.
58-30,109
58-30,109. Brokerage firm acting as a transactionbroker; affiliated licensees; designated agents; rules andregulations.(a) In the absence of designated agents appointed pursuant tosubsection (b), abrokerage firm may act as a transaction broker pursuant to K.S.A. 58-30,113, and amendments thereto, on an in-house transaction with the informedconsent of theseller client and the buyer client. The informed consent shall be evidenced bya transaction broker addendum to the agency agreements and shall be signed bythe buyer prior to writing the offer and by the seller prior to signing thecontract.
(b) (1) A broker may personally, or through the broker's dulyauthorized licensed representative, specifically designate, in a writtenagency agreement obtained pursuant to K.S.A. 58-30,103, andamendments thereto, one or more affiliatedlicensees who willbe acting as legal agent of the buyer client or seller client to theexclusion of all otheraffiliated licensees.
(2) If a buyer client of a designated agent wants to see a property whichwas personally listed by the broker, the broker, with the written consent ofthe seller, may specifically designate an affiliated licensee who will act aslegal agent of the seller client to the exclusion of all other affiliatedlicensees. The written consent of the seller shall contain the name of theprospective buyer and shall acknowledge that the broker shall act as atransaction broker regarding any transaction with the buyer. The writtenconsent of the seller shall be signed prior to presentation of any offer.
(3) A designated agent of a seller client shall have the duties andobligations set forth in K.S.A. 58-30,106, and amendments thereto. Adesignated agent of a buyer client shall have the duties and obligations setforth in K.S.A. 58-30,107, and amendments thereto.
(4) In any transaction involving a designated agent, the supervising brokerof the designated agent shall act as a transaction broker pursuant toK.S.A. 58-30,113, and amendments thereto, unless both buyer andseller arerepresented bydesignated agents and the designated agents are supervised by the same branchbroker. In that case, the branch broker shall act as a transaction brokerpursuant to K.S.A. 58-30,113, and amendments thereto. Thesupervising broker, orbranch broker if applicable, may appoint an affiliated licensee to act in thetransaction as a transaction broker pursuant to K.S.A. 58-30,113,and amendments thereto.
(5) A designated agent may disclose to the designated agent's supervisingbroker, or branch broker if applicable, and to an affiliated licensee appointedas a transaction broker pursuant to paragraph (4), confidential information ofa client for the purpose of seeking advice or assistance for the benefit of theclient in regard to a transaction.
(6) If a buyer client of a designated agent wants to see a property owned bya seller client of the designated agent, the designated agent may act as atransaction broker pursuant to K.S.A. 58-30,113, and amendmentsthereto, with theinformed consent of the seller client and buyer client. The informed consentshall be evidenced by a transaction broker addendum to the agency agreementsand shall be signed by the buyer prior to writing the offer and by the sellerprior to signing the contract.
(c) The commission, by rules and regulations, shall adopt a transactionbroker addendum form to be used by licensees pursuant to this section.
History: L. 1995, ch. 252, § 9; Revived, L. 1997, ch. 65, § 37;L. 1997, ch. 65, § 38; Oct. 1.