58-30,110. Real estate brokerage relationships.
58-30,110
58-30,110. Real estate brokerage relationships.(a) (1) The commission shall adopt a rule and regulationprescribing language which describes a seller's agent, a buyer'sagent and a transaction broker for inclusion in a brochure entitled "realestate brokerage relationships".
(2) Except as provided in subsection (a)(3), a licenseeshall furnish aprospective buyer or seller with the brochure at the first practicalopportunity.
(3) A licensee is not required to provide a copy of thebrochure to a prospective buyer or seller in the following instances:
(A) The licensee is acting solely as a principal and not as an agent foranother;
(B) the communication from the licensee is a solicitation ofbusiness;
(C) the transaction is regardingthe sale of commercial property or the sale of residential property ofmore than four units;
(D) the transaction is regardingthe sale of property by public auction;
(E) the licensee is only performing ministerial acts; or
(F) the customer or client has already received the brochure from thelicensee's brokerage firm.
(4) Acknowledgment of receipt of the brochure by the seller and buyershall be included in any contract for sale.
(b) (1) Except for instances when a licensee is providing informationthrough an advertisement or other form of public notice of the licensee'srepresentation of a client, a licensee representing a client in a proposed realestate transaction shall disclose the representation at the time ofthe initialcontact with another licensee representing the other party. The disclosure maybe made orally or in writing.
(2) Each time a licensee is contacted by another licensee who requestspermission to show property to a prospective buyer, the licensee shall inquirewhether or not the licensee represents the buyer.
(c) The disclosure of the brokerage relationship between alllicensees involvedand the seller and buyer shall be included in any contract for sale and in anylot 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.