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Real Estate Licensees Acting as Nonagents
MUST DO:
- Provide the customer with the one page disclosure form entitled "Agency Relationships in Real Estate Transactions" at first substantive contact.
- Obtain a signed written nonagency services agreement and redefine and redisclose agency relationship if the relationship changes.
- Provide those services specifically provided for in the nonagency services agreement.
- Disclose to a potential buyer all material facts about the property of which licensee is aware which could adversely and significantly affect the buyer?s use or enjoyment of the property. (This disclosure is required by law regardless of the agency relationship).
- Disclose one party's intent not to perform in accordance with the terms of a purchase agreement. (This disclosure is required by law regardless of the agency relationship.)
- Promptly present all offers or counter offers.
- Respond honestly and accurately to questions concerning the property.
- Deal honestly with all parties.
- Offer properties to all interested parties without regard to race, color, creed, religion, national origin, sex, marital status, status with regard to public assistance, disability, sexual orientation or familial status.
MAY DO:
- Provide factual information about the property to the seller, including a market analysis or comparable sales and information concerning marketing the property.
- Provide factual information about available properties to the buyer, including comparable sales and information about neighborhoods (such as community services or schools).
- Provide information for customer to use in deciding how to structure an offer or counter-offer (as to combinations of price and terms) and determine consequences of the options.
- Advise the party on the process and required steps, such as well disclosure, septic system disclosure and truth-in-housing if applicable.
- Show properties to the buyer of the price and type the buyer desires.
- Provide information on types and availability of financing.
- Draft Purchase Agreements, counter-offers or related documents and assist in submitting them to the other party.
- Provide information to assist a party in his/her evaluation of an offer or counter-offer.
- Assist in arranging for related services such as closing or inspection or testing of well or septic system.
MUST NOT DO:
- By words or conduct, act as an agent/representative of the customer, including advocating for the customer or acting on the customer's behalf.
- Disclose confidential information about what price or terms the licensee's customer may agree to, his/her motivation for pursuing the transaction, or any information that would work to the disadvantage of the customer, unless the customer directs that this be disclosed.
- Direct that a party take an action or not take an action.
Tracey Douglas
Chief Executive Officer
Phone: (763) 757-7230 Fax: (763) 757-7296 Cell: (651) 353-3038
Send an Email
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