This is
Not a
Contract
In an
effort to
enable
consumers of
real estate
services to
make
informed
decisions
about the
business
relationships
they may
have with
real estate
brokers and
salespersons
(licensees),
the Real
Estate
Licensing
and
Registration
Act (RELRA)
requires
that
consumers be
provided
with this
Notice at
the initial
interview.
Licensees
may enter
into the
following
agency
relationships
with
consumers:
Seller
Agent
As a
seller
agent,
the
licensee
and the
licensee's
company
works
exclusively
for the
seller/landlord
and must
act in
the
seller's/landlord's
best
interest,
including
making a
continuous
and good
faith
effort
to find
a
buyer/tenant
except
while
the
property
is
subject
to an
existing
agreement.
All
confidential
information
relayed
by the
seller/landlord
must be
kept
confidential
except
that a
licensee
must
reveal
known
material
defects
about
the
property.
A
subagent
has the
same
duties
and
obligations
as the
seller
agent.
Buyer
Agent
As a
buyer
agent,
the
licensee
and the
licensee's
company
work
exclusively
for the
buyer/tenant
even if
paid by
the
seller/landlord.
The
buyer
agent
must act
in the
buyer/tenant's
best
interest,
including
making a
continuous
and good
faith
effort
to find
a
property
for the
buyer/tenant,
except
while
the
buyer is
subject
to an
existing
contract,
and must
keep all
confidential
information,
other
than
known
material
defects
about
the
property,
confidential.
Dual
Agent
As a
dual
agent,
the
licensee
works
for both
the
seller/landlord
and the
buyer/tenant.
A dual
agent
may not
take any
action
that is
adverse
or
detrimental
to
either
party
but must
disclose
known
material
defects
about
the
property.
A
licensee
must
have the
written
consent
of both
parties
before
acting
as a
dual
agent.
Designated
Agent
As a
designated
agent,
the
broker
of the
selected
real
estate
company
designates
certain
licensees
within
the
company
to act
exclusively
as the
seller/landlord
agent
and
other
licensees
within
the
company
to act
exclusively
as the
buyer/tenant
agent in
the
transaction.
Because
the
broker
supervises
all of
the
licensees,
the
broker
automatically
serves
as a
dual
agent.
Each of
the
designated
licensees
are
required
to act
in the
applicable
capacity
explained
previously.
Additionally,
the
broker
has the
duty to
take
reasonable
steps to
assure
that
confidential
information
is not
disclosed
within
the
company.
In
addition, a
licensee may
serve as a
Transaction
Licensee.
A
transaction
licensee
provides
real
estate
services
without
having
any
agency
relationship
with a
consumer.
Although
a
transaction
licensee
has no
duty of
loyalty
or
confidentiality,
a
transaction
licensee
is
prohibited
from
disclosing
that:
-
The
seller
will
accept
a
price
less
than
the
asking/listing
price,
-
The
buyer
will
pay
a
price
greater
than
the
price
submitted
in
the
written
offer,
and
-
The
seller
or
buyer
will
agree
to
financing
terms
other
than
those
offered.
Like
licensees
in
agency
relationships,
transaction
licensees
must
disclose
known
material
defects
about
the
property.
Regardless
of the
business
relationship
selected,
all
licensees
owe
consumers
the duty to:
-
Exercise
reasonable
professional
skill
and care
which
meets
the
practice
standards
required
by the
RELRA.
- Deal
honestly
and in
good
faith.
-
Present,
as soon
as
practicable,
all
written
offers,
counteroffers,
notices
and
communications
to and
from the
parties.
This
duty may
be
waived
by the
seller
where
the
seller's
property
is under
contract
and the
waiver
is in
writing.
-
Comply
with the
Real
Estate
Seller
Disclosure
Law.
-
Account
for
escrow
and
deposit
funds.
-
Disclose,
as soon
as
practicable,
all
conflicts
of
interest
and
financial
interests.
-
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.
The
following
contractual
terms are
negotiable
between the
licensee and
the consumer
and must be
addressed in
an
agreement/disclosure
statement:
- The
duration
of the
licensee's
employment,
listing
agreement
or
contract.
- The
licensee's
fees or
commission.
- The
scope of
the
licensee's
activities
or
practices.
- The
broker's
cooperation
with and
sharing
of fees
with
other
brokers.
All sales
agreements
must contain
the
property's
zoning
classification
except where
the property
is zoned
solely or
primarily to
permit
single
family
dwellings.
The 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.
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