§ 17-42-319 — Waiver of agency duties

(a) A licensee shall perform the duties required under § 17-42-317 or § 17-42-318 unless the client agrees to waive these duties and signs a waiver of duties statement that contains: (1) A list of the fiduciary duties required of all licensees under § 17-42-316 ; (2) A list of the duties contained in § 17-42-317 or § 17-42-318 set forth in a manner that allows for the parties to indicate each duty that is being waived; and (3) The following language in at least 10-point boldface type: "Agreement to Waive By signing below, I agree that the real estate licensee who represents me will not perform the duties that are initialed above. I also understand that in a proposed real estate transaction, no other real estate licensee will perform the waived duties, and I realize that I may need to hire other professionals such as an attorney. ____________________ ____________________ Signature of Client Date ____________________ ____________________ Signature of Licensee Date" (b) If a licensee enters into an agency relationship containing the waivers outlined in this section, all reasonable efforts must be taken to inform other licensees that: (1) Any moneys of others, including without limitation earnest money, advance fees, or security deposits are not to be transmitted or kept by the licensee, notwithstanding other applicable statutes and rules; and (2) A licensee for a buyer or lessee remains authorized to present offers to buy, lease, or rent real property directly to the licensee's principal notwithstanding a: (A) Waiver under subsection (a) of this section; or (B) Conflicting statute or rule.

Legislative History

Acts 2011, No. 877, § 1.