Section 339.720

Title XXII OCCUPATIONS AND PROFESSIONS

Chapter 339

Effective - 28 Aug 2005, 2 histories   

  339.720.  Licensee's duties and obligations in writing — licensee as transaction broker, exceptions. — 1.  A licensee's general duties and obligations arising from the limited agency relationship shall be disclosed in writing to the seller and the buyer or to the landlord and the tenant pursuant to sections 339.760 to 339.780.  Alternatively, when engaged in any of the activities enumerated in section 339.010, a licensee may act as an agent in any transaction in accordance with a written agreement as described in section 339.780.

  2.  A licensee shall be considered a transaction broker unless:

  (1)  The designated broker enters into a written seller's agent or landlord's agent agreement with the party or parties to be represented pursuant to subsection 2 of section 339.780;

  (2)  The designated broker enters into a subagency agreement with another designated broker pursuant to subsection 5 of section 339.780;

  (3)  The designated broker establishes a buyer's or tenant's agency relationship pursuant to subsection 3 of section 339.780;

  (4)  The designated broker enters into a written agency agreement pursuant to subsection 8 of section 339.780;

  (5)  The designated broker and the affiliated licensees are performing ministerial acts;

  (6)  The designated broker enters into a written dual agency agreement with the parties pursuant to subsection 4 of section 339.780;

  (7)  The designated broker is acting in a manner described in paragraph (c) of subdivision (23) of section 339.710 without proper notice of assumption of transaction broker status; or

  (8)  The licensee is making a listing presentation, which may include pricing and marketing advice about a potential future transaction, to a customer in anticipation of entering into a signed agency brokerage service agreement as a direct result of the presentation.

  3.  Sections 339.710 to 339.860 do not obligate any buyer or tenant to pay compensation to a designated broker unless the buyer or tenant has entered into a written agreement with the designated broker specifying the compensation terms in accordance with subsection 3 of section 339.780.

  4.  A licensee may work with a single party in separate transactions pursuant to different relationships, including, but not limited to, selling one property as a transaction broker or a seller's agent working with that seller in buying another property as a buyer's agent, as a subagent or as a transaction broker if the licensee complies with sections 339.710 to 339.860 in establishing the relationships for each transaction.

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(L. 1996 S.B. 664 § 2, A.L. 1998 H.B. 1601, et al., A.L. 1999 H.B. 866, A.L. 2002 H.B. 1964, A.L. 2005 H.B. 174)