Effective: October 12, 2006
Latest Legislation: House Bill 150 - 126th General Assembly
(A) In representing a seller in an agency relationship, a licensee shall:
(1) Seek a purchase offer at a price and with terms acceptable to the seller. Unless the seller so directs, the licensee is not obligated to seek additional offers if the property is subject to a contract of sale, lease, or letter of intent to lease;
(2) Accept delivery of and present any purchase offer to the seller in a timely manner, even if the property is subject to a contract of sale, lease, or letter of intent to lease;
(3) Within the scope of knowledge required for licensure, answer the seller's questions and provide information to the seller regarding any offers or counteroffers;
(4) Assist the seller in developing, communicating, and presenting offers or counteroffers;
(5) Within the scope of knowledge required for licensure, answer the seller's questions regarding the steps the seller must take to fulfill the terms of any contract.
(B) A licensee does not breach any duty or obligation to a seller with whom the licensee has an agency relationship by showing alternative properties to a prospective purchaser or by acting as an agent or subagent for other sellers.
(C) Nothing in this section shall be construed as permitting a licensee to perform any act or service that constitutes the practice of law.