(1) In any real estate transaction, the broker's compensation may be paid by the seller, the buyer, the landlord, the tenant, a third party, or by the sharing or splitting of a commission or compensation between brokers.
Payment of compensation shall not be construed to establish an agency relationshipbetween the broker and the party who paid the compensation.
A seller or landlord may agree that a transaction-broker or single agent may share thecommission or other compensation paid by the seller or landlord with another broker.
A buyer or tenant may agree that a single agent or transaction-broker may share thecommission or other compensation paid by the buyer or tenant with another broker.
A buyer's or tenant's agent shall obtain the written approval of the buyer or tenantbefore the agent may propose to the seller's or landlord's agent that the buyer's or tenant's agent be compensated by sharing compensation paid by the seller or landlord.
Prior to entering into a brokerage or listing agreement or a contract to buy, sell, orlease, the identity of those parties, persons, or entities paying compensation or commissions to any broker shall be disclosed to the parties to the transaction.
A broker may be compensated by more than one party for services in a transaction ifthose parties have consented in writing to such multiple payments prior to entering into a contract to buy, sell, or lease.
Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 655, § 1, effective October 1.
Editor's note: This section is similar to former § 12-61-810 as it existed prior to 2019.