Indiana § 25-34.1-10-12 Licensee acting as limited agent

Indiana Statutes

§ 25-34.1-10-12 — Licensee acting as limited agent

Indiana·Title 25 PROFESSIONS AND OCCUPATIONS·Art. 34.1 REAL ESTATE BROKERS AND·Ch. 10 Real Estate Agency Relationships

(a)A licensee may act as a limited agent only with the written consent of all parties to a real estate transaction. The written consent is presumed to have been given and all parties are considered informed for any party who signs a writing or writings at the time of entering into an agency relationship with the licensee that contains the following:

(1)A description of the real estate transaction or types of real estate transactions in which the licensee will serve as a limited agent.

(2)A statement that in serving as a limited agent, the licensee represents parties whose interests are different or even adverse.

(3)A statement that a limited agent shall not disclose the following without the informed consent, in writing, of the parties to the real estate transaction:

(A)Any material o

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(a) A licensee may act as a limited agent
only with the written consent of all parties to a real estate transaction.
The written consent is presumed to have been given and all parties are
considered informed for any party who signs a writing or writings at the
time of entering into an agency relationship with the licensee that
contains the following:
(1) A description of the real estate transaction or types of real
estate transactions in which the licensee will serve as a limited
agent.
(2) A statement that in serving as a limited agent, the licensee
represents parties whose interests are different or even adverse.
(3) A statement that a limited agent shall not disclose the
following without the informed consent, in writing, of the parties
to the real estate transaction:
(A) Any material or confidential information, except adverse
material facts or risks actually known by the licensee
concerning the physical condition of the property and facts
required by statute, rule, or regulation to be disclosed and that
could not be discovered by a reasonable and timely inspection
of the property by the parties.
(B) That a buyer or tenant will pay more than the offered
purchase price or offered lease rate for the property.
(C) That a seller or landlord will accept less than the listed
price or lease rate for the property.
(D) What motivates a party to buy, sell, or lease the property.
(E) Other terms that would create a contractual advantage for
one (1) party over another party.
(4) A statement that there will be no imputation of knowledge or
information between any party and the limited agent or among
licensees.
(5) A statement that a party does not have to consent to the
limited agency.
(6) A statement that the consent of each party has been given
voluntarily and that any limited agency disclosure has been read
and understood.
(b) A licensee acting as a limited agent may disclose and provide to
both the seller and buyer property information, including listed and
sold properties available through a multiple listing service or other
information source.
(c) A cause of action does not arise against a licensee for disclosing
or failing to disclose information in compliance with this section, and
the limited agent does not terminate the limited agency relationship by
making a required disclosure.