Section 339.750

Title XXII OCCUPATIONS AND PROFESSIONS

Chapter 339

Effective - 01 Sep 1997, see footnote   

  339.750.  Dual agent, consent — dual agent as limited agent — disclosure of nonconfidential information, when — nondisclosure of information, when — confidential information — no imputation of information. — 1.  A licensee may act as a dual agent only with the consent of all parties to the transaction.  Consent shall be presumed by a written agreement pursuant to section 339.780.

  2.  A dual agent shall be a limited agent for both the seller and buyer or the landlord and tenant and shall have the duties and obligations required by sections 339.730 and 339.740 unless otherwise provided for in this section.

  3.  Except as provided in subsections 4 and 5 of this section, a dual agent may disclose any information to one client that the licensee gains from the other client if the information is material to the transaction unless it is confidential information as defined in section 339.710.

  4.  The following information shall not be disclosed by a dual agent without the consent of the client to whom the information pertains:

  (1)  That a buyer or tenant is willing to pay more than the purchase price or lease rate offered for the property;

  (2)  That a seller or landlord is willing to accept less than the asking price or lease rate for the property;

  (3)  What the motivating factors are for any client buying, selling, or leasing the property;

  (4)  That a client will agree to financing terms other than those offered; and

  (5)  The terms of any prior offers or counter offers made by any party.

  5.  A dual agent shall not disclose to one client any confidential information about the other client unless the disclosure is required by statute, rule, or regulation or failure to disclose the information would constitute a misrepresentation or unless disclosure is necessary to defend the affiliated licensee against an action of wrongful conduct in an administrative or judicial proceeding or before a professional committee.  No cause of action for any person shall arise against a dual agent for making any required or permitted disclosure.  A dual agent does not terminate the dual agency relationship by making any required or permitted disclosure.

  6.  In a dual agency relationship there shall be no imputation of knowledge or information between the client and the dual agent or among persons within an entity engaged as a dual agent.

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(L. 1996 S.B. 664 § 5)

Effective 9-01-97