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CONSUMER NOTICE
THIS IS NOT A
CONTRACT |
Pennsylvania Law requires
real estate brokers and salespersons (licensees) to advise consumers
of the business relationships permitted by the Real Estate Licensing
and Registration Act. This notice must be provided to the
consumer at the first contact where a substantive discussion about
real estate occurs.
Before you disclose any information to a
licensee, be advised that unless you select an agency relationship
by signing a written agreement providing for such a relationship the
licensee is not representing you. A business relationship of any
kind will not be presumed but must be established between the
consumer and the licensee.
Any licensee who
provides you with real estate services owes you the following
duties:
• Exercise reasonable professional skill and care
which meets the practice standards
required by the act.
•
Deal honestly and in good faith.
• Present, in a timely
manner, all offers, counteroffers, notices, and communications to
and from the parties in writing. The duty to present written offers
and counteroffers may be waived if the waiver is in writing.
• Comply with Real Estate Seller Disclosure Act.
•
Account for escrow and deposit funds.
• Disclose all
conflicts of interest in a timely manner.
• Provide
assistance with document preparation and advise the consumer
regarding compliance with laws pertaining to real estate
transactions.
• Advise the consumer to seek expert advice on
matters about the transaction that are beyond the licensee’s
expertise.
• Keep the consumer informed about the transaction
and the tasks to be completed.
• Disclose financial interest
in a service, such as financial, title transfer and preparation
services, insurance, construction, repair or inspection, at the time
service is recommended or the first time the licensee learns that
the service will be used.
A licensee may have the following
business relationships with the consumer:
Seller
Agency:
Seller agency is a relationship where the
licensee, upon entering into a written agreement, works only for a
seller/landlord. Seller’s agents owe the additional duties of:
• Loyalty to the seller/landlord by acting in the
seller’s/landlord’s best interest.
• Confidentiality, except
that a licensee has a duty to reveal known material defects
about
the property.
• Making a continuous and good faith effort to
find a buyer for the property, except
while the property is
subject to an existing agreement.
• Disclosure to other
parties in the transaction that the licensee has been engaged as
a
seller’s agent.
A seller’s agent may compensate other
brokers as subagents if the seller/landlord agrees in writing.
Subagents have the same duties and obligations as the seller’s
agent. Seller’s agents may also compensate buyer’s agents and
transaction licensees who do not have the same duties and
obligations as seller’s agents.
If you enter into a written
agreement, the licensees in the real estate company owe you the
additional duties identified above under seller agency. The
exception is designated agency. See the designated agency section in
this notice for more information.
Buyer Agency:
Buyer agency is a relationship where the licensee,
upon entering into a written agreement, works only for the
buyer/tenant. Buyer’s agents owe the additional duties of:
•
Loyalty to the buyer/tenant by acting in the buyer’s/tenant’s best
interest.
• Confidentiality, except that a licensee is
required to disclose known material defects
about the property.
• Making a continuous and good faith effort to find a
property for the buyer/tenant,
except while the buyer/tenant is
subject to an existing contract.
• Disclosure to other
parties in the transaction that the licensee has been engaged
as
a buyer’s agent.
A buyer’s agent may be paid fees,
which may include a percentage of the purchase price, and, even if
paid by the seller/landlord, will represent the interests of the
buyer/tenant.
If you enter into a written agreement, the
licensees in the real estate company owe you the additional duties
identified above under buyer agency. The exception is designated
agency. See the designated agency section in this notice for more
information.
Dual Agency:
Dual
agency is a relationship where the licensee acts as the agent for
both the seller/landlord and the buyer/tenant in the same
transaction with the written consent of all parties. Dual agents owe
the additional duties of:
• Taking no action that is adverse
or detrimental to either party’s interest in the transaction.
• Making a continuous and good faith effort to find a buyer
for the property and a
property for the buyer, unless either are
subject to an existing contract.
• Confidentiality, except
that a licensee is required to disclose known material
defects
about the property.
Designated Agency:
In designated agency, the employing broker may,
with your consent, designate one or more licensees from the real
estate company to represent you. Other licensees in the company may
represent another party and shall not be provided with an
confidential information. The designated agent(s) shall have the
duties as listed above under seller agency and buyer agency.
In designated agency, the employing broker will be a dual
agent and have the additional duties of:
• Taking reasonable
care to protect any confidential information disclosed to the
licensee.
• Taking responsibility to direct and supervise
the business activities of the licensees
who represent the seller
and buyer while taking no action that is adverse or
detrimental
to either party’s interest in the transaction.
The designation may take place at the time that the parties
enter into a written agreement, but may occur at a later time.
Regardless of when the designation takes place, the employing broker
is responsible for ensuring that confidential information is not
disclosed.
Transaction Licensee:
A
transaction licensee is a broker or salesperson who provides
communication or document preparation services or performs other
acts for which a license is required without being the agent or
advocate for either the seller/landlord or the buyer/tenant. Upon
signing a written agreement or disclosure statement, a transaction
licensee has the additional duty of limited confidentiality in that
the following information may not be disclosed:
• The
seller/landlord will accept a price less than the asking/listing
price.
• The buyer/tenant will pay a price greater than the
price submitted in a written offer.
• The seller/landlord or
buyer/tenant will agree to financing terms other than those
offered.
Other information deemed confidential by the
consumer shall not be provided to the transaction licensee.
Other Information about Real Estate
Transactions
The following are negotiable and shall
be addressed in an agreement/disclosure statement with the licensee:
• The duration of the employment, listing agreement or
contract.
• The fees or commissions.
• The scope of
the activities or practices.
• The broker’s cooperation with
other brokers, including the sharing of fees.
Any sales
agreement must contain the zoning classification of a property
except in cases where the property is zoned solely or primarily to
permit single family dwellings.
Real Estate Recovery Fund
exists to reimburse any person who has obtained a final civil
judgment against a Pennsylvania real estate licensee owing to fraud,
misrepresentation, or deceit in a real estate transaction and who
has been unable to collect the judgment after exhausting all legal
and equitable remedies. For complete details about the Fund, call
(717) 783-3658. |
| ACKNOWLEDGMENT |
I acknowledge that
I have received this disclosure.
Date:_______________________
_____________________
Print
(Consumer)
____________________
Signed
(Consumer)
_____________________
Address
(Optional):
_____________________
Phone
Number (Optional):
I certify that I have provided
this document to the above consumer during the initial interview.
Date:_______________________
_____________________
Print
(Licensee)
_____________________
Signed
(Licensee)
Adopted by the State Real Estate
Commission at 49 Pa. Code § 35.336
(b) Licensees
shall provide the disclosure summary to all consumers at the initial
interview.
(c) Licensees shall provide a copy of the entire
disclosure to the consumer and shall retain the signed
acknowledgment for their records for 6 months, unless the consumer
and the broker have entered into a business relationship whereby the
records shall be retained under § 35.286 (relating to retention and
production of records).
(d) if a consumer refuses to sign
the acknowledgment, licensees shall note the refusal on the
acknowledgment and retain it for their records as specified in
subsection (c).
Authority
The
provisions of this § 35.336 issued under section 608 of the Real
Estate Licensing and Registration Act (63 P. S. §
455.608).
Source
The provisions of
this § 35.336 adopted January 7, 2000, effective January 8, 2000, 30
Pa.B. 228.
Cross References
This
section cited in 49 Pa. Code § 35.201 (relating to definitions).
*No part of the information on this site may be reproduced
for profit or sold for profit. |
| *Information provided by the
State Real Estate Commission. |
E-mail: mailto:agent@poconorthrealty.com
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