339.755. 1. A real estate licensee may provide real estate serviceto any party in a prospective transaction without an agency or fiduciaryrelationship to one or more parties to the transaction. Such licenseeshall be called a transaction broker.
2. A transaction broker shall have the following duties andobligations:
(1) To perform the terms of any written or oral agreement made withany party to the transaction;
(2) To exercise reasonable skill, care and diligence as a transactionbroker, including but not limited to:
(a) Presenting all written offers and counteroffers in a timelymanner regardless of whether the property is subject to a contract for saleor lease or a letter of intent unless otherwise provided in the agreemententered with the party;
(b) Informing the parties regarding the transaction and suggestingthat such parties obtain expert advice as to material matters about whichthe transaction broker knows but the specifics of which are beyond theexpertise of such broker;
(c) Accounting in a timely manner for all money and propertyreceived;
(d) To disclose to each party to the transaction any adverse materialfacts of which the licensee has actual notice or knowledge;
(e) Assisting the parties in complying with the terms and conditionsof any contract;
(f) The parties to a transaction brokerage transaction shall not beliable for any acts of the transaction broker.
3. The following information shall not be disclosed by a transactionbroker without the informed consent of the party or parties disclosing suchinformation to the broker:
(1) That a buyer or tenant is willing to pay more than the purchaseprice or lease rate offered for the property;
(2) That a seller or landlord is willing to accept less than theasking price or lease rate for the property;
(3) What the motivating factors are for any party buying, selling orleasing the property;
(4) That a seller or buyer will agree to financing terms other thanthose offered;
(5) Any confidential information about the other party, unlessdisclosure of such information is required by law, statute, rules orregulations or failure to disclose such information would constitute fraudor dishonest dealing.
4. A transaction broker has no duty to conduct an independentinspection or investigation for adverse material facts for the parties.
5. A transaction broker has no duty to conduct an independentinvestigation of the buyer's financial condition.
6. A transaction broker may do the following without breaching anyobligation or responsibility:
(1) Show alternative properties not owned by the seller or landlordto a prospective buyer or tenant;
(2) List competing properties for sale or lease;
(3) Show properties in which the buyer or tenant is interested toother prospective buyers or tenants;
(4) Serve as a single agent, subagent or designated agent or broker,limited agent, disclosed dual agent for the same or for different partiesin other real estate transactions.
7. In a transaction broker relationship each party and thetransaction broker, including all persons within an entity engaged as thetransaction broker if the transaction broker is an entity, are consideredto possess only actual knowledge and information. There is no imputationof knowledge or information by operation of law between any party and thetransaction broker or between any party and any person within an entityengaged as the transaction broker if the transaction broker is an entity.
8. A transaction broker may cooperate with other brokers and suchcooperation does not establish an agency or subagency relationship.
9. Nothing in this section prohibits a transaction broker from actingas a single limited agent, dual agent or subagent whether on behalf of abuyer or seller, as long as the requirements governing disclosure of suchfact are met.
10. Nothing in this section alters or eliminates the responsibilityof a broker as set forth in this section for the conduct and actions of alicensee operating under the broker's license.
11. A transaction broker shall:
(1) Comply with all applicable requirements of sections 339.710 to339.860, subsection 2 of section 339.010 and all rules and regulationspromulgated pursuant to such sections; and
(2) Comply with any applicable federal, state and local laws, rules,regulations and ordinances, including fair housing and civil rightsstatutes and regulations.
12. If any licensee who represents another party to the sametransaction either solely or through affiliate licensees refusestransaction broker status and wants to continue an agency relationship withboth parties to the transaction, such licensee shall have the right tobecome a designated agent or a dual agent as provided for in sections339.730 to 339.860.
13. In any transaction a licensee may without liability withdraw fromrepresenting a client who has not consented to a conversion to transactionbrokerage. Such withdrawal shall not prejudice the ability of the licenseeor affiliated licensee to continue to represent the other client in thetransaction or limit the licensee from representing the client who refusedthe transaction brokerage representation in another transaction notinvolving transaction brokerage.
339.755. 1. A real estate licensee may provide real estate serviceto any party in a prospective transaction without an agency or fiduciaryrelationship to one or more parties to the transaction. Such licenseeshall be called a transaction broker.
2. A transaction broker shall have the following duties andobligations:
(1) To perform the terms of any written or oral agreement made withany party to the transaction;
(2) To exercise reasonable skill, care and diligence as a transactionbroker, including but not limited to:
(a) Presenting all written offers and counteroffers in a timelymanner regardless of whether the property is subject to a contract for saleor lease or a letter of intent unless otherwise provided in the agreemententered with the party;
(b) Informing the parties regarding the transaction and suggestingthat such parties obtain expert advice as to material matters about whichthe transaction broker knows but the specifics of which are beyond theexpertise of such broker;
(c) Accounting in a timely manner for all money and propertyreceived;
(d) To disclose to each party to the transaction any adverse materialfacts of which the licensee has actual notice or knowledge;
(e) Assisting the parties in complying with the terms and conditionsof any contract;
(f) The parties to a transaction brokerage transaction shall not beliable for any acts of the transaction broker.
3. The following information shall not be disclosed by a transactionbroker without the informed consent of the party or parties disclosing suchinformation to the broker:
(1) That a buyer or tenant is willing to pay more than the purchaseprice or lease rate offered for the property;
(2) That a seller or landlord is willing to accept less than theasking price or lease rate for the property;
(3) What the motivating factors are for any party buying, selling orleasing the property;
(4) That a seller or buyer will agree to financing terms other thanthose offered;
(5) Any confidential information about the other party, unlessdisclosure of such information is required by law, statute, rules orregulations or failure to disclose such information would constitute fraudor dishonest dealing.
4. A transaction broker has no duty to conduct an independentinspection or investigation for adverse material facts for the parties.
5. A transaction broker has no duty to conduct an independentinvestigation of the buyer's financial condition.
6. A transaction broker may do the following without breaching anyobligation or responsibility:
(1) Show alternative properties not owned by the seller or landlordto a prospective buyer or tenant;
(2) List competing properties for sale or lease;
(3) Show properties in which the buyer or tenant is interested toother prospective buyers or tenants;
(4) Serve as a single agent, subagent or designated agent or broker,limited agent, disclosed dual agent for the same or for different partiesin other real estate transactions.
7. In a transaction broker relationship each party and thetransaction broker, including all persons within an entity engaged as thetransaction broker if the transaction broker is an entity, are consideredto possess only actual knowledge and information. There is no imputationof knowledge or information by operation of law between any party and thetransaction broker or between any party and any person within an entityengaged as the transaction broker if the transaction broker is an entity.
8. A transaction broker may cooperate with other brokers and suchcooperation does not establish an agency or subagency relationship.
9. Nothing in this section prohibits a transaction broker from actingas a single limited agent, dual agent or subagent whether on behalf of abuyer or seller, as long as the requirements governing disclosure of suchfact are met.
10. Nothing in this section alters or eliminates the responsibilityof a broker as set forth in this section for the conduct and actions of alicensee operating under the broker's license.
11. A transaction broker shall:
(1) Comply with all applicable requirements of sections 339.710 to339.860, subsection 2 of section 339.010 and all rules and regulationspromulgated pursuant to such sections; and
(2) Comply with any applicable federal, state and local laws, rules,regulations and ordinances, including fair housing and civil rightsstatutes and regulations.
12. If any licensee who represents another party to the sametransaction either solely or through affiliate licensees refusestransaction broker status and wants to continue an agency relationship withboth parties to the transaction, such licensee shall have the right tobecome a designated agent or a dual agent as provided for in sections339.730 to 339.860.
13. In any transaction a licensee may without liability withdraw fromrepresenting a client who has not consented to a conversion to transactionbrokerage. Such withdrawal shall not prejudice the ability of the licenseeor affiliated licensee to continue to represent the other client in thetransaction or limit the licensee from representing the client who refusedthe transaction brokerage representation in another transaction notinvolving transaction brokerage.
339.755. 1. A real estate licensee may provide real estate serviceto any party in a prospective transaction without an agency or fiduciaryrelationship to one or more parties to the transaction. Such licenseeshall be called a transaction broker.
2. A transaction broker shall have the following duties andobligations:
(1) To perform the terms of any written or oral agreement made withany party to the transaction;
(2) To exercise reasonable skill, care and diligence as a transactionbroker, including but not limited to:
(a) Presenting all written offers and counteroffers in a timelymanner regardless of whether the property is subject to a contract for saleor lease or a letter of intent unless otherwise provided in the agreemententered with the party;
(b) Informing the parties regarding the transaction and suggestingthat such parties obtain expert advice as to material matters about whichthe transaction broker knows but the specifics of which are beyond theexpertise of such broker;
(c) Accounting in a timely manner for all money and propertyreceived;
(d) To disclose to each party to the transaction any adverse materialfacts of which the licensee has actual notice or knowledge;
(e) Assisting the parties in complying with the terms and conditionsof any contract;
(f) The parties to a transaction brokerage transaction shall not beliable for any acts of the transaction broker.
3. The following information shall not be disclosed by a transactionbroker without the informed consent of the party or parties disclosing suchinformation to the broker:
(1) That a buyer or tenant is willing to pay more than the purchaseprice or lease rate offered for the property;
(2) That a seller or landlord is willing to accept less than theasking price or lease rate for the property;
(3) What the motivating factors are for any party buying, selling orleasing the property;
(4) That a seller or buyer will agree to financing terms other thanthose offered;
(5) Any confidential information about the other party, unlessdisclosure of such information is required by law, statute, rules orregulations or failure to disclose such information would constitute fraudor dishonest dealing.
4. A transaction broker has no duty to conduct an independentinspection or investigation for adverse material facts for the parties.
5. A transaction broker has no duty to conduct an independentinvestigation of the buyer's financial condition.
6. A transaction broker may do the following without breaching anyobligation or responsibility:
(1) Show alternative properties not owned by the seller or landlordto a prospective buyer or tenant;
(2) List competing properties for sale or lease;
(3) Show properties in which the buyer or tenant is interested toother prospective buyers or tenants;
(4) Serve as a single agent, subagent or designated agent or broker,limited agent, disclosed dual agent for the same or for different partiesin other real estate transactions.
7. In a transaction broker relationship each party and thetransaction broker, including all persons within an entity engaged as thetransaction broker if the transaction broker is an entity, are consideredto possess only actual knowledge and information. There is no imputationof knowledge or information by operation of law between any party and thetransaction broker or between any party and any person within an entityengaged as the transaction broker if the transaction broker is an entity.
8. A transaction broker may cooperate with other brokers and suchcooperation does not establish an agency or subagency relationship.
9. Nothing in this section prohibits a transaction broker from actingas a single limited agent, dual agent or subagent whether on behalf of abuyer or seller, as long as the requirements governing disclosure of suchfact are met.
10. Nothing in this section alters or eliminates the responsibilityof a broker as set forth in this section for the conduct and actions of alicensee operating under the broker's license.
11. A transaction broker shall:
(1) Comply with all applicable requirements of sections 339.710 to339.860, subsection 2 of section 339.010 and all rules and regulationspromulgated pursuant to such sections; and
(2) Comply with any applicable federal, state and local laws, rules,regulations and ordinances, including fair housing and civil rightsstatutes and regulations.
12. If any licensee who represents another party to the sametransaction either solely or through affiliate licensees refusestransaction broker status and wants to continue an agency relationship withboth parties to the transaction, such licensee shall have the right tobecome a designated agent or a dual agent as provided for in sections339.730 to 339.860.
13. In any transaction a licensee may without liability withdraw fromrepresenting a client who has not consented to a conversion to transactionbrokerage. Such withdrawal shall not prejudice the ability of the licenseeor affiliated licensee to continue to represent the other client in thetransaction or limit the licensee from representing the client who refusedthe transaction brokerage representation in another transaction notinvolving transaction brokerage.
