§ 5-20.6-3 - Relationships – Creation and presumption.
SECTION 5-20.6-3
§ 5-20.6-3 Relationships – Creationand presumption. – (a) It shall be presumed that all licensees in a real estate transaction areneutral transaction facilitators unless, the licensee obtains the informed,written consent of a buyer, seller, tenant, or landlord with an executedmandatory relationship disclosure to represent that person as a designatedclient representative.
(b) The provisions of this chapter are expressly intended toabrogate the common law of agency; no type of agency representation shall beassumed by a brokerage, principal broker, licensee, buyer, seller, tenant, orlandlord nor shall agency representation be created by implication.
(c) Types of relationships. The following types ofrelationships are recognized:
(1) Neutral assistance as a transaction facilitator to assistone or more customers; and
(2) Representation of a buyer, seller, tenant or landlord asa designated client representative.