Duties and obligations of licensee representing buyer or tenant

Any licensee representing a buyer or tenant has the following duties and obligations: (1) To perform the terms of any written agreement made with the client; (2) To exercise reasonable skill and care for the client; (3) To promote the interest of the client with the utmost good faith, loyalty, and fidelity, including: (a) Seeking a price and terms which are acceptable to the client. However, the licensee is not obligated to seek other properties while the client is a party to a contract to purchase property or to a lease or letter of intent to lease; (b) Presenting all written offers to and from the client in a timely manner regardless of whether the client is already a party to a contract to purchase property or is already a party to a contract or a letter of intent to lease; (c) Disclosing to the client adverse material facts known by the licensee; and (d) Advising the client to obtain expert advice as to material matters about which the licensee knows but the specifics of which are beyond the expertise of the licensee; (4) To account in a timely manner for all money and property received; and (5) To comply with any applicable federal, state, and local laws, rules, regulations, and ordinances, including fair housing and civil rights statutes or regulations. Source: SL 1998, ch 229 , § 13.