(a) The common law of agency as supplemented by this section applies to the relationship between a licensee and the licensee’s client.
(b) In accepting employment by a client, a licensee pledges a primary duty of absolute fidelity to protect and promote the interests of the client or clients.
(c) A fiduciary shall put the interest of the client ahead of the interests of the agent and any third party. Licensees owe to all parties in a real estate transaction the fiduciary duty to:(1) use reasonable efforts to further the interest of the client;(2) exercise reasonable skill and care in representing the client and carrying out the responsibilities of the agency relationship;(3) perform the terms of the written agency agreement and agency relationship;(4) follow lawful instructions of the client unless doing so would expose the licensee to liability from another party to a contract, lease, or rental agreement;(5) perform all duties specified in this section in a manner that demonstrates loyalty to the interests of the client;(6) comply with all requirements of this section and other applicable statutes and rules;(7) disclose to the client material facts of the transaction that the licensee is aware of or should be aware of in the exercise of reasonable skill and care and that are not confidential information under a current or prior agency or dual agency relationship;(8) advise the client to obtain expert advice concerning material matters when necessary or appropriate;(9) account in a timely manner for all moneys and property received in which the client has or may have an interest; and(10) keep confidential any information given to the licensee in confidence, or any information obtained by the licensee that the licensee knows a reasonable individual would want to keep confidential, unless disclosure of this information is required by law, violates a fiduciary duty to a client, becomes public knowledge, or is authorized by the party in writing. This requirement includes not disclosing confidential information to any licensee who is not an agent of the client.
(1) use reasonable efforts to further the interest of the client;
(2) exercise reasonable skill and care in representing the client and carrying out the responsibilities of the agency relationship;
(3) perform the terms of the written agency agreement and agency relationship;
(4) follow lawful instructions of the client unless doing so would expose the licensee to liability from another party to a contract, lease, or rental agreement;
(5) perform all duties specified in this section in a manner that demonstrates loyalty to the interests of the client;
(6) comply with all requirements of this section and other applicable statutes and rules;
(7) disclose to the client material facts of the transaction that the licensee is aware of or should be aware of in the exercise of reasonable skill and care and that are not confidential information under a current or prior agency or dual agency relationship;
(8) advise the client to obtain expert advice concerning material matters when necessary or appropriate;
(9) account in a timely manner for all moneys and property received in which the client has or may have an interest; and
(10) keep confidential any information given to the licensee in confidence, or any information obtained by the licensee that the licensee knows a reasonable individual would want to keep confidential, unless disclosure of this information is required by law, violates a fiduciary duty to a client, becomes public knowledge, or is authorized by the party in writing. This requirement includes not disclosing confidential information to any licensee who is not an agent of the client.
(d) Unless otherwise agreed, the duty to protect a client’s confidences continues after the brokerage service agreement expires or is otherwise terminated.
(e) A licensee who represents more than one client in a real estate transaction, or provides services as a dual agent, owes the duties as specified in subsection (c) to each client, except where the duties to one client will violate the fiduciary duties of the licensee to other clients.
(f) The duties required of a licensee under this section may not be waived by a client.
(g) The licensee is further obligated to act in accordance with the code of professional conduct provided in regulations, when:(1) representing a seller, including a lessor, in an agency relationship;(2) representing a buyer, including a lessee, in an agency relationship;(3) representing both buyer and seller in a dual agency relationship.
(1) representing a seller, including a lessor, in an agency relationship;
(2) representing a buyer, including a lessee, in an agency relationship;
(3) representing both buyer and seller in a dual agency relationship.