If a seller, buyer, landlord, or tenant and principal broker elect to enter into a client representation contract, the contract shall meet the following requirements:
(1) Be an express, written contract;
(2) Include terms of compensation;
(3) Describe all services and limitations on services to be performed by the principal broker and his or her affiliated licensees;
(4) State that a principal broker may appoint one or more affiliated licensees to act as the designated client representative(s) for a seller or landlord and one or more affiliated licensees to act as the designated client representative(s) for a buyer or tenant in the same transaction after a licensee has obtained consent from the client being represented; and
(5) Be signed by all parties.