(a) Licensees shall have all of the following obligations to all parties in a real estate transaction:
(1) To provide brokerage services to all parties to the transaction honestly and in good faith.
(2) To exercise reasonable skill and care in providing brokerage services to all parties.
(3) To 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.
(4) To account for all property coming into the possession of the licensee that belongs to any party to the real estate transaction.
(5) When assisting a party in the negotiation of a real estate transaction, to present all written offers in a timely and truthful manner.
(6) To act on behalf of the licensee or his or her immediate family, or on behalf of any other individual, organization, or business entity in which the licensee has a personal interest only with prior timely written disclosure of this interest to all parties to the transaction.
(b) A licensee may provide requested information which affects a transaction to any party who requests the information, unless disclosure of the information is prohibited by law or in this article.
(c) When accepting an agreement to list an owner's property for sale, the broker or his or her licensee shall, at a minimum, accept delivery of and present to the consumer all offers, counteroffers, and addenda to assist the consumer in negotiating offers, counteroffers, and addenda, and to answer the consumer's questions relating to the transaction.
Last modified: May 3, 2021