§ 25-34.1-10-11 — Licensee representing buyer or tenant; duties; disclosure of information

(a) A licensee representing a buyer or
tenant has the following duties and obligations:
(1) To fulfill the terms of the agency relationship made with the
buyer or tenant.
(2) To disclose the nature of the agency relationship with the
buyer or tenant, and redefine and disclose if the relationship
changes.
(3) To promote the interests of the buyer or tenant by:
(A) seeking a property with a price or lease rate and contract
terms satisfactory to the buyer or tenant; however, the licensee
is not obligated to locate other properties to purchase or lease
while the buyer is under contract to buy property or while the
tenant is under contract to lease property, unless otherwise
agreed between the parties;
(B) presenting all offers to purchase and lease to and from the
buyer or tenant immediately upon receipt of an offer regardless
of whether the buyer is already under contract to buy or the
tenant is under contract to lease property, unless otherwise
directed by the buyer or tenant;
(C) disclosing to the buyer or tenant adverse material facts or
risks actually known by the licensee concerning the real estate
transaction;
(D) advising the buyer or tenant to obtain expert advice
concerning material matters that are beyond the licensee's
expertise;
(E) timely accounting for all money and property received from
the buyer or tenant;
(F) exercising reasonable care and skill; and
(G) complying with the requirements of this chapter and all
applicable federal, state, and local laws, rules, and regulations,
including fair housing and civil rights statutes, rules, and
regulations.
(b) A licensee representing a buyer or tenant shall not disclose the
following without the informed consent, in writing, of the buyer or
tenant:
(1) That a buyer or tenant will pay more than the offered purchase
price or offered lease rate for the property or other contract
concessions.
(2) What motivates the buyer to buy or tenant to lease the
property.
(3) Any material or confidential information about the buyer or
tenant unless this disclosure is required by law or where failure to
disclose would constitute fraud or dishonest dealing.
(c) A licensee representing a buyer or tenant owes no duties or
obligations to the seller or landlord except that a licensee shall treat all
prospective sellers or landlords honestly and not knowingly give them
false information.
(d) A licensee representing a buyer or tenant owes no duty to
conduct an independent investigation of the buyer's or tenant's financial
ability to perform for the benefit of the seller or landlord or to verify the
accuracy of any statement, written or oral, made by the buyer, the
tenant, or a third party.
(e) A licensee representing a buyer or tenant may:
(1) show properties in which the buyer or tenant is interested to
other prospective buyers or tenants and may show competing
buyers or tenants the same property or assist other buyers or
tenants in purchasing or leasing a particular property without
breaching any duty or obligation to the buyer or tenant; and
(2) provide to a seller or landlord services in the ordinary course
of a real estate transaction and any similar services that do not
violate the terms of the agency relationship made with the buyer
or tenant.

Legislative History

As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999, SEC.15.