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Title XXII OCCUPATIONS AND PROFESSIONS

Chapter 339

previous next Effective - 01 Jan 2000, see footnotebottom

  339.755.  Duties and obligations of transaction broker. — 1.  A real estate licensee may provide real estate service to any party in a prospective transaction without an agency or fiduciary relationship to one or more parties to the transaction.  Such licensee shall be called a transaction broker.

  2.  A transaction broker shall have the following duties and obligations:

  (1)  To perform the terms of any written or oral agreement made with any party to the transaction;

  (2)  To exercise reasonable skill, care and diligence as a transaction broker, including but not limited to:

  (a)  Presenting all written offers and counteroffers in a timely manner regardless of whether the property is subject to a contract for sale or lease or a letter of intent unless otherwise provided in the agreement entered with the party;

  (b)  Informing the parties regarding the transaction and suggesting that such parties obtain expert advice as to material matters about which the transaction broker knows but the specifics of which are beyond the expertise of such broker;

  (c)  Accounting in a timely manner for all money and property received;

  (d)  To disclose to each party to the transaction any adverse material facts of which the licensee has actual notice or knowledge;

  (e)  Assisting the parties in complying with the terms and conditions of any contract;

  (f)  The parties to a transaction brokerage transaction shall not be liable for any acts of the transaction broker.

  3.  The following information shall not be disclosed by a transaction broker without the informed consent of the party or parties disclosing such information to the broker:

  (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 party buying, selling or leasing the property;

  (4)  That a seller or buyer will agree to financing terms other than those offered;

  (5)  Any confidential information about the other party, unless disclosure of such information is required by law, statute, rules or regulations or failure to disclose such information would constitute fraud or dishonest dealing.

  4.  A transaction broker has no duty to conduct an independent inspection or investigation for adverse material facts for the parties.

  5.  A transaction broker has no duty to conduct an independent investigation of the buyer's financial condition.

  6.  A transaction broker may do the following without breaching any obligation or responsibility:

  (1)  Show alternative properties not owned by the seller or landlord to a prospective buyer or tenant;

  (2)  List competing properties for sale or lease;

  (3)  Show properties in which the buyer or tenant is interested to other prospective buyers or tenants;

  (4)  Serve as a single agent, subagent or designated agent or broker, limited agent, disclosed dual agent for the same or for different parties in other real estate transactions.

  7.  In a transaction broker relationship each party and the transaction broker, including all persons within an entity engaged as the transaction broker if the transaction broker is an entity, are considered to possess only actual knowledge and information.  There is no imputation of knowledge or information by operation of law between any party and the transaction broker or between any party and any person within an entity engaged as the transaction broker if the transaction broker is an entity.

  8.  A transaction broker may cooperate with other brokers and such cooperation does not establish an agency or subagency relationship.

  9.  Nothing in this section prohibits a transaction broker from acting as a single limited agent, dual agent or subagent whether on behalf of a buyer or seller, as long as the requirements governing disclosure of such fact are met.

  10.  Nothing in this section alters or eliminates the responsibility of a broker as set forth in this section for the conduct and actions of a licensee operating under the broker's license.

  11.  A transaction broker shall:

  (1)  Comply with all applicable requirements of sections 339.710 to 339.860, subsection 2 of section 339.010 and all rules and regulations promulgated pursuant to such sections; and

  (2)  Comply with any applicable federal, state and local laws, rules, regulations and ordinances, including fair housing and civil rights statutes and regulations.

  12.  If any licensee who represents another party to the same transaction either solely or through affiliate licensees refuses transaction broker status and wants to continue an agency relationship with both parties to the transaction, such licensee shall have the right to become a designated agent or a dual agent as provided for in sections 339.730 to 339.860.

  13.  In any transaction a licensee may without liability withdraw from representing a client who has not consented to a conversion to transaction brokerage.  Such withdrawal shall not prejudice the ability of the licensee or affiliated licensee to continue to represent the other client in the transaction or limit the licensee from representing the client who refused the transaction brokerage representation in another transaction not involving transaction brokerage.

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(L. 1998 H.B. 1601, et al., A.L. 1999 H.B. 866)

Effective 1-01-00


---- end of effective   01 Jan 2000 ----

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