58-30,106.Minimum requirements of seller's or landlord's agent.(a) A seller's agent or a landlord's agent shall be a statutory agent withthe duty and obligation to:
(1) Perform the terms of the written agreement made with the client;
(2) promote the interests of the client with the utmost good faith,loyalty and fidelity, including:
(A) presenting in a timely manner all offers to and from the client,when such offer is received prior to the closing of the sale unless theseller instructs the broker in the agency agreement not to submit offersafter an offer has been accepted by the seller;
(B) disclosing to the client all adverse material facts actuallyknown by the licensee about the buyer or tenant; and
(C) advising the client to obtain expert advice as to material mattersabout which the licensee knows but the specifics of which are beyond theexpertise of the licensee;
(3) account in a timely manner for all money and property received;
(4) comply with all requirements of this act and rules and regulationsadopted hereunder; and
(5) comply with any applicable federal, state and local laws, rules andregulations and ordinances, including fair housing and civil rightsstatutesand rules and regulations.
(b) If pursuant to subsection (a)(2)(C), the licensee advised theclient to obtain expert advice as to material matters about which thelicensee knows but the specifics of which are beyond the expertise of thelicensee, no cause of action for any person shall arise against thelicensee pertaining to such material matters.
(c) A seller's or landlord's agent shall not disclose any confidentialinformation about the client unless disclosure is required by statute orrule and regulation or failure to disclose the information would constitutefraudulent misrepresentation. No cause of action for any person shall ariseagainst a licensee acting as a seller's or landlord's agent for making anyrequired or permitted disclosure.
(d) (1) A seller's or landlord's agent owes no duty or obligation to acustomer, except that a licensee shall disclose to any customer all adversematerial facts actually known by the licensee, including but not limited to:
(A) Any environmental hazards affecting the property which are requiredby law to be disclosed;
(B) the physical condition of the property;
(C) any material defects in the property;
(D) any material defects in the title to the property; or
(E) any material limitation on the client's ability to perform under theterms of the contract.
(2) A seller's or landlord's agent owes no duty to conduct anindependent inspection of the property for the benefit of the customer andowes no duty to independently verify the accuracy or completeness of anystatement made by the client or any qualified third party.
(3) Except as provided in subsection (d)(4), a seller's or landlord'sagent is not required to disclose to a client or customer informationrelating to the physical condition of the property if a written reportregarding the physical condition of the property has been prepared by aqualified third party and provided to the client or customer.
(4) A seller's or landlord's agent shall disclose to the client orcustomer any facts actually known by the licensee that were omitted from orcontradict any information included in a written report described insubsection (d)(3).
(5) In performing an investigation or inspection and in making adisclosure in connection with a real estate transaction, a licensee shallexercise the degree of care expected to be exercised by a reasonablyprudent person who has the knowledge, skills and training required forlicensure as a broker or salesperson.
(e) A seller's or landlord's agent may provide assistance to thecustomer by performing ministerial acts. Performing ministerial acts forthe customer shall not be construed as violating the brokerage firm'sagency with the seller or landlord and shall not be construed as formingan agency with the customer.
(f) A seller's or landlord's agent may show alternative propertiesnot owned by the client to prospective buyers or tenants and may listcompeting properties for sale or lease without breaching any duty orobligation to the client.
(g) A seller or landlord may agree in writing with a seller's orlandlord's agent that the broker may offer subagency and pay compensationto other brokers.
(h) A seller or landlord may agree in writing with a seller's orlandlord's agent that the broker may offer to cooperate with a buyer's ortenant's agent or to cooperate with and pay compensation to a buyer's ortenant's agent.
(i) A seller or landlord may agree in writing with a seller's orlandlord's agent that the broker may offer to cooperate with a transactionbroker or to cooperate with and pay compensation to a transaction broker.
(j) If the seller or landlord has authorized the broker to offercooperation with other licensees pursuant to subsection (g), (h) or (i) thebroker shall not refuse permission to another licensee to show a listedproperty or refuse to receive and transmit to the seller or landlord awritten offer or a listed property from another licensee specificallyinstructed by the seller in writing. The broker shall provide a copy of thewritten instructions to another licensee upon request.
(k) A seller's or landlord's agent shall not be liable for punitive orexemplary damages for the licensee's failure to perform any of the dutiesset forth in this section, unless such failure is shown by clear andconvincing evidence that the licensee acted toward the plaintiff withwillful conduct, wanton conduct, fraud or malice.
58-30,106.Minimum requirements of seller's or landlord's agent.(a) A seller's agent or a landlord's agent shall be a statutory agent withthe duty and obligation to:
(1) Perform the terms of the written agreement made with the client;
(2) promote the interests of the client with the utmost good faith,loyalty and fidelity, including:
(A) presenting in a timely manner all offers to and from the client,when such offer is received prior to the closing of the sale unless theseller instructs the broker in the agency agreement not to submit offersafter an offer has been accepted by the seller;
(B) disclosing to the client all adverse material facts actuallyknown by the licensee about the buyer or tenant; and
(C) advising the client to obtain expert advice as to material mattersabout which the licensee knows but the specifics of which are beyond theexpertise of the licensee;
(3) account in a timely manner for all money and property received;
(4) comply with all requirements of this act and rules and regulationsadopted hereunder; and
(5) comply with any applicable federal, state and local laws, rules andregulations and ordinances, including fair housing and civil rightsstatutesand rules and regulations.
(b) If pursuant to subsection (a)(2)(C), the licensee advised theclient to obtain expert advice as to material matters about which thelicensee knows but the specifics of which are beyond the expertise of thelicensee, no cause of action for any person shall arise against thelicensee pertaining to such material matters.
(c) A seller's or landlord's agent shall not disclose any confidentialinformation about the client unless disclosure is required by statute orrule and regulation or failure to disclose the information would constitutefraudulent misrepresentation. No cause of action for any person shall ariseagainst a licensee acting as a seller's or landlord's agent for making anyrequired or permitted disclosure.
(d) (1) A seller's or landlord's agent owes no duty or obligation to acustomer, except that a licensee shall disclose to any customer all adversematerial facts actually known by the licensee, including but not limited to:
(A) Any environmental hazards affecting the property which are requiredby law to be disclosed;
(B) the physical condition of the property;
(C) any material defects in the property;
(D) any material defects in the title to the property; or
(E) any material limitation on the client's ability to perform under theterms of the contract.
(2) A seller's or landlord's agent owes no duty to conduct anindependent inspection of the property for the benefit of the customer andowes no duty to independently verify the accuracy or completeness of anystatement made by the client or any qualified third party.
(3) Except as provided in subsection (d)(4), a seller's or landlord'sagent is not required to disclose to a client or customer informationrelating to the physical condition of the property if a written reportregarding the physical condition of the property has been prepared by aqualified third party and provided to the client or customer.
(4) A seller's or landlord's agent shall disclose to the client orcustomer any facts actually known by the licensee that were omitted from orcontradict any information included in a written report described insubsection (d)(3).
(5) In performing an investigation or inspection and in making adisclosure in connection with a real estate transaction, a licensee shallexercise the degree of care expected to be exercised by a reasonablyprudent person who has the knowledge, skills and training required forlicensure as a broker or salesperson.
(e) A seller's or landlord's agent may provide assistance to thecustomer by performing ministerial acts. Performing ministerial acts forthe customer shall not be construed as violating the brokerage firm'sagency with the seller or landlord and shall not be construed as formingan agency with the customer.
(f) A seller's or landlord's agent may show alternative propertiesnot owned by the client to prospective buyers or tenants and may listcompeting properties for sale or lease without breaching any duty orobligation to the client.
(g) A seller or landlord may agree in writing with a seller's orlandlord's agent that the broker may offer subagency and pay compensationto other brokers.
(h) A seller or landlord may agree in writing with a seller's orlandlord's agent that the broker may offer to cooperate with a buyer's ortenant's agent or to cooperate with and pay compensation to a buyer's ortenant's agent.
(i) A seller or landlord may agree in writing with a seller's orlandlord's agent that the broker may offer to cooperate with a transactionbroker or to cooperate with and pay compensation to a transaction broker.
(j) If the seller or landlord has authorized the broker to offercooperation with other licensees pursuant to subsection (g), (h) or (i) thebroker shall not refuse permission to another licensee to show a listedproperty or refuse to receive and transmit to the seller or landlord awritten offer or a listed property from another licensee specificallyinstructed by the seller in writing. The broker shall provide a copy of thewritten instructions to another licensee upon request.
(k) A seller's or landlord's agent shall not be liable for punitive orexemplary damages for the licensee's failure to perform any of the dutiesset forth in this section, unless such failure is shown by clear andconvincing evidence that the licensee acted toward the plaintiff withwillful conduct, wanton conduct, fraud or malice.
58-30,106.Minimum requirements of seller's or landlord's agent.(a) A seller's agent or a landlord's agent shall be a statutory agent withthe duty and obligation to:
(1) Perform the terms of the written agreement made with the client;
(2) promote the interests of the client with the utmost good faith,loyalty and fidelity, including:
(A) presenting in a timely manner all offers to and from the client,when such offer is received prior to the closing of the sale unless theseller instructs the broker in the agency agreement not to submit offersafter an offer has been accepted by the seller;
(B) disclosing to the client all adverse material facts actuallyknown by the licensee about the buyer or tenant; and
(C) advising the client to obtain expert advice as to material mattersabout which the licensee knows but the specifics of which are beyond theexpertise of the licensee;
(3) account in a timely manner for all money and property received;
(4) comply with all requirements of this act and rules and regulationsadopted hereunder; and
(5) comply with any applicable federal, state and local laws, rules andregulations and ordinances, including fair housing and civil rightsstatutesand rules and regulations.
(b) If pursuant to subsection (a)(2)(C), the licensee advised theclient to obtain expert advice as to material matters about which thelicensee knows but the specifics of which are beyond the expertise of thelicensee, no cause of action for any person shall arise against thelicensee pertaining to such material matters.
(c) A seller's or landlord's agent shall not disclose any confidentialinformation about the client unless disclosure is required by statute orrule and regulation or failure to disclose the information would constitutefraudulent misrepresentation. No cause of action for any person shall ariseagainst a licensee acting as a seller's or landlord's agent for making anyrequired or permitted disclosure.
(d) (1) A seller's or landlord's agent owes no duty or obligation to acustomer, except that a licensee shall disclose to any customer all adversematerial facts actually known by the licensee, including but not limited to:
(A) Any environmental hazards affecting the property which are requiredby law to be disclosed;
(B) the physical condition of the property;
(C) any material defects in the property;
(D) any material defects in the title to the property; or
(E) any material limitation on the client's ability to perform under theterms of the contract.
(2) A seller's or landlord's agent owes no duty to conduct anindependent inspection of the property for the benefit of the customer andowes no duty to independently verify the accuracy or completeness of anystatement made by the client or any qualified third party.
(3) Except as provided in subsection (d)(4), a seller's or landlord'sagent is not required to disclose to a client or customer informationrelating to the physical condition of the property if a written reportregarding the physical condition of the property has been prepared by aqualified third party and provided to the client or customer.
(4) A seller's or landlord's agent shall disclose to the client orcustomer any facts actually known by the licensee that were omitted from orcontradict any information included in a written report described insubsection (d)(3).
(5) In performing an investigation or inspection and in making adisclosure in connection with a real estate transaction, a licensee shallexercise the degree of care expected to be exercised by a reasonablyprudent person who has the knowledge, skills and training required forlicensure as a broker or salesperson.
(e) A seller's or landlord's agent may provide assistance to thecustomer by performing ministerial acts. Performing ministerial acts forthe customer shall not be construed as violating the brokerage firm'sagency with the seller or landlord and shall not be construed as formingan agency with the customer.
(f) A seller's or landlord's agent may show alternative propertiesnot owned by the client to prospective buyers or tenants and may listcompeting properties for sale or lease without breaching any duty orobligation to the client.
(g) A seller or landlord may agree in writing with a seller's orlandlord's agent that the broker may offer subagency and pay compensationto other brokers.
(h) A seller or landlord may agree in writing with a seller's orlandlord's agent that the broker may offer to cooperate with a buyer's ortenant's agent or to cooperate with and pay compensation to a buyer's ortenant's agent.
(i) A seller or landlord may agree in writing with a seller's orlandlord's agent that the broker may offer to cooperate with a transactionbroker or to cooperate with and pay compensation to a transaction broker.
(j) If the seller or landlord has authorized the broker to offercooperation with other licensees pursuant to subsection (g), (h) or (i) thebroker shall not refuse permission to another licensee to show a listedproperty or refuse to receive and transmit to the seller or landlord awritten offer or a listed property from another licensee specificallyinstructed by the seller in writing. The broker shall provide a copy of thewritten instructions to another licensee upon request.
(k) A seller's or landlord's agent shall not be liable for punitive orexemplary damages for the licensee's failure to perform any of the dutiesset forth in this section, unless such failure is shown by clear andconvincing evidence that the licensee acted toward the plaintiff withwillful conduct, wanton conduct, fraud or malice.
