Section 606.4. Duties of dual agent.
(a) A licensee may act as a dual agent only with the written consent of both parties to the transaction following the disclosures given at the initial interview required by section 608. The consent must include a statement of the terms of compensation.
(b) In addition to the duties generally required of a licensee as set forth in section 606.1, the duties of a dual agent include the following:
(1) to take no action that is adverse or detrimental to either party's interest in a transaction;
(2) unless otherwise agreed to in writing, to make a continuous and good faith effort to find a buyer for the property, except that a dual agent is not obligated to seek additional offers to purchase the property while it is subject to an existing contract for sale; and
(3) unless otherwise agreed to in writing, to make a continuous and good faith effort to find a property for the buyer, except that a dual agent is not obligated to seek additional properties to purchase while the buyer is a party to an existing contract to purchase.
(c) A dual agent may show alternative properties not owned by the seller to prospective buyers and may list competing properties for sale without breaching any duty to the seller. A dual agent may show properties in which the buyer is interested to other prospective buyers without breaching any duty to the buyer.
(606.4 added Nov. 25, 1998, P.L.908, No.112)