Licensee representing head buyer or tenant--duties and obligationsof--disclosure of confidential information--licensee's duty to acustomer--showing of properties--subagents.
339.740. 1. A licensee representing a buyer or tenant as a buyer'sor tenant's agent shall be a limited agent with the following duties andobligations:
(1) To perform the terms of any written agreement made with theclient;
(2) To exercise reasonable skill and care for the client;
(3) To promote the interests of the client with the utmost goodfaith, loyalty, and fidelity, including:
(a) Seeking a price and terms which are acceptable to the client,except that the licensee shall not be obligated to seek other propertieswhile the client is a party to a contract to purchase property or to alease or letter of intent to lease;
(b) Presenting all written offers to and from the client in a timelymanner regardless of whether the client is already a party to a contract topurchase property or is already a party to a contract or a letter of intentto lease;
(c) Disclosing to the client adverse material facts actually known orthat should have been known by the licensee; and
(d) Advising the client to obtain expert advice as to materialmatters about which the licensee knows but the specifics of which arebeyond the expertise of the licensee;
(4) To account in a timely manner for all money and propertyreceived;
(5) To comply with all requirements of sections 339.710 to 339.860,subsection 2 of section 339.100, and any rules and regulations promulgatedpursuant to those sections; and
(6) To comply with any applicable federal, state, and local laws,rules, regulations, and ordinances, including fair housing and civil rightsstatutes or regulations.
2. A licensee acting as a buyer's or tenant's agent shall notdisclose any confidential information about the client unless disclosure isrequired by statute, rule, or regulation or failure to disclose theinformation would constitute a misrepresentation or unless disclosure isnecessary to defend the affiliated licensee against an action of wrongfulconduct in an administrative or judicial proceeding or before aprofessional committee. No cause of action for any person shall ariseagainst a licensee acting as a buyer's or tenant's agent for making anyrequired or permitted disclosure.
3. A licensee acting as a buyer's or tenant's agent owes no duty orobligation to a customer, except that the licensee shall disclose to anycustomer all adverse material facts actually known or that should have beenknown by the licensee. A buyer's or tenant's agent owes no duty to conductan independent investigation of the client's financial condition for thebenefit of the customer and owes no duty to independently verify theaccuracy or completeness of statements made by the client or anyindependent inspector.
4. A buyer's or tenant's agent may show properties in which theclient is interested to other prospective buyers or tenants withoutbreaching any duty or obligation to the client. This section shall not beconstrued to prohibit a buyer's or tenant's agent from showing competingbuyers or tenants the same property and from assisting competing buyers ortenants in attempting to purchase or lease a particular property.
5. A client may agree in writing with a buyer's or tenant's agentthat other designated brokers may be retained and compensated as subagents.Any designated broker acting on the buyer's or tenant's behalf as asubagent shall be a limited agent with the obligations and responsibilitiesset forth in subsections 1 to 4 of this section.
Licensee representing head buyer or tenant--duties and obligationsof--disclosure of confidential information--licensee's duty to acustomer--showing of properties--subagents.
339.740. 1. A licensee representing a buyer or tenant as a buyer'sor tenant's agent shall be a limited agent with the following duties andobligations:
(1) To perform the terms of any written agreement made with theclient;
(2) To exercise reasonable skill and care for the client;
(3) To promote the interests of the client with the utmost goodfaith, loyalty, and fidelity, including:
(a) Seeking a price and terms which are acceptable to the client,except that the licensee shall not be obligated to seek other propertieswhile the client is a party to a contract to purchase property or to alease or letter of intent to lease;
(b) Presenting all written offers to and from the client in a timelymanner regardless of whether the client is already a party to a contract topurchase property or is already a party to a contract or a letter of intentto lease;
(c) Disclosing to the client adverse material facts actually known orthat should have been known by the licensee; and
(d) Advising the client to obtain expert advice as to materialmatters about which the licensee knows but the specifics of which arebeyond the expertise of the licensee;
(4) To account in a timely manner for all money and propertyreceived;
(5) To comply with all requirements of sections 339.710 to 339.860,subsection 2 of section 339.100, and any rules and regulations promulgatedpursuant to those sections; and
(6) To comply with any applicable federal, state, and local laws,rules, regulations, and ordinances, including fair housing and civil rightsstatutes or regulations.
2. A licensee acting as a buyer's or tenant's agent shall notdisclose any confidential information about the client unless disclosure isrequired by statute, rule, or regulation or failure to disclose theinformation would constitute a misrepresentation or unless disclosure isnecessary to defend the affiliated licensee against an action of wrongfulconduct in an administrative or judicial proceeding or before aprofessional committee. No cause of action for any person shall ariseagainst a licensee acting as a buyer's or tenant's agent for making anyrequired or permitted disclosure.
3. A licensee acting as a buyer's or tenant's agent owes no duty orobligation to a customer, except that the licensee shall disclose to anycustomer all adverse material facts actually known or that should have beenknown by the licensee. A buyer's or tenant's agent owes no duty to conductan independent investigation of the client's financial condition for thebenefit of the customer and owes no duty to independently verify theaccuracy or completeness of statements made by the client or anyindependent inspector.
4. A buyer's or tenant's agent may show properties in which theclient is interested to other prospective buyers or tenants withoutbreaching any duty or obligation to the client. This section shall not beconstrued to prohibit a buyer's or tenant's agent from showing competingbuyers or tenants the same property and from assisting competing buyers ortenants in attempting to purchase or lease a particular property.
5. A client may agree in writing with a buyer's or tenant's agentthat other designated brokers may be retained and compensated as subagents.Any designated broker acting on the buyer's or tenant's behalf as asubagent shall be a limited agent with the obligations and responsibilitiesset forth in subsections 1 to 4 of this section.
Licensee representing head buyer or tenant--duties and obligationsof--disclosure of confidential information--licensee's duty to acustomer--showing of properties--subagents.
339.740. 1. A licensee representing a buyer or tenant as a buyer'sor tenant's agent shall be a limited agent with the following duties andobligations:
(1) To perform the terms of any written agreement made with theclient;
(2) To exercise reasonable skill and care for the client;
(3) To promote the interests of the client with the utmost goodfaith, loyalty, and fidelity, including:
(a) Seeking a price and terms which are acceptable to the client,except that the licensee shall not be obligated to seek other propertieswhile the client is a party to a contract to purchase property or to alease or letter of intent to lease;
(b) Presenting all written offers to and from the client in a timelymanner regardless of whether the client is already a party to a contract topurchase property or is already a party to a contract or a letter of intentto lease;
(c) Disclosing to the client adverse material facts actually known orthat should have been known by the licensee; and
(d) Advising the client to obtain expert advice as to materialmatters about which the licensee knows but the specifics of which arebeyond the expertise of the licensee;
(4) To account in a timely manner for all money and propertyreceived;
(5) To comply with all requirements of sections 339.710 to 339.860,subsection 2 of section 339.100, and any rules and regulations promulgatedpursuant to those sections; and
(6) To comply with any applicable federal, state, and local laws,rules, regulations, and ordinances, including fair housing and civil rightsstatutes or regulations.
2. A licensee acting as a buyer's or tenant's agent shall notdisclose any confidential information about the client unless disclosure isrequired by statute, rule, or regulation or failure to disclose theinformation would constitute a misrepresentation or unless disclosure isnecessary to defend the affiliated licensee against an action of wrongfulconduct in an administrative or judicial proceeding or before aprofessional committee. No cause of action for any person shall ariseagainst a licensee acting as a buyer's or tenant's agent for making anyrequired or permitted disclosure.
3. A licensee acting as a buyer's or tenant's agent owes no duty orobligation to a customer, except that the licensee shall disclose to anycustomer all adverse material facts actually known or that should have beenknown by the licensee. A buyer's or tenant's agent owes no duty to conductan independent investigation of the client's financial condition for thebenefit of the customer and owes no duty to independently verify theaccuracy or completeness of statements made by the client or anyindependent inspector.
4. A buyer's or tenant's agent may show properties in which theclient is interested to other prospective buyers or tenants withoutbreaching any duty or obligation to the client. This section shall not beconstrued to prohibit a buyer's or tenant's agent from showing competingbuyers or tenants the same property and from assisting competing buyers ortenants in attempting to purchase or lease a particular property.
5. A client may agree in writing with a buyer's or tenant's agentthat other designated brokers may be retained and compensated as subagents.Any designated broker acting on the buyer's or tenant's behalf as asubagent shall be a limited agent with the obligations and responsibilitiesset forth in subsections 1 to 4 of this section.
