(1) A real estate licensee other than the seller’s agent may agree with the buyer to act as the buyer’s agent only. The buyer’s agent is not representing the seller, even if the buyer’s agent is receiving compensation for services rendered, either in full or in part, from the seller or through the seller’s agent.
(2) A buyer’s agent owes the buyer, other principals and the principals’ agents involved in a real estate transaction the following affirmative duties:
(a) To deal honestly and in good faith;
(b) To present all written offers, written notices and other written communications to and from the parties in a timely manner without regard to whether the property is subject to a contract for sale or the buyer is already a party to a contract to purchase; and
(c) To disclose material facts known by the buyer’s agent and not apparent or readily ascertainable to a party.
(3) A buyer’s agent owes the buyer involved in a real estate transaction the following affirmative duties:
(a) To exercise reasonable care and diligence;
(b) To account in a timely manner for money and property received from or on behalf of the buyer;
(c) To be loyal to the buyer by not taking action that is adverse or detrimental to the buyer’s interest in a transaction;
(d) To disclose in a timely manner to the buyer any conflict of interest, existing or contemplated;
(e) To advise the buyer to seek expert advice on matters related to the transaction that are beyond the agent’s expertise;
(f) To maintain confidential information from or about the buyer except under subpoena or court order, even after termination of the agency relationship; and
(g) Unless agreed otherwise in writing, to make a continuous, good faith effort to find property for the buyer, except that a buyer’s agent is not required to seek additional properties for the buyer while the buyer is subject to a contract for purchase or to show properties for which there is no written agreement to pay compensation to the buyer’s agent.
(4) A buyer’s agent may show properties in which the buyer is interested to other prospective buyers without breaching an affirmative duty to the buyer.
(5) Except as provided in subsection (3)(g) of this section, an affirmative duty may not be waived.
(6) Nothing in this section implies a duty to investigate matters that are outside the scope of the real estate licensee’s expertise, including but not limited to investigation of the condition of property, the legal status of the title or the owner’s past conformance with law, unless the licensee or the licensee’s agent agrees in writing to investigate a matter. [1993 c.570 §4; 2001 c.300 §46; 2003 c.398 §12; 2005 c.393 §7]
Note: See note under 696.800.
Section: Previous 696.775 696.785 696.790 696.793 696.795 696.800 696.805 696.810 696.815 696.820 696.822 696.825 696.830 696.835 696.840 NextLast modified: August 7, 2008