§ 32 §13283 — Transaction broker

1.
Not an agent.
A transaction broker does not represent any party as a client to a real estate transaction and is not bound by the duties set forth in section 13272.
2.
Responsibilities.
A transaction broker shall:
3.
Prohibited acts.
A transaction broker may not:
4.
No vicarious liability.
A party to a real estate transaction is not vicariously liable for the acts or omissions of a transaction broker.
5.
Actual knowledge; information.
In a situation in which one affiliated licensee acting as an appointed agent of a real estate brokerage agency represents a party to a real estate transaction as the real estate brokerage agency's client and another affiliated licensee of the same real estate brokerage agency is acting as a transaction broker for another party to the transaction, the real estate brokerage agency and its affiliated licensees are considered to possess only actual knowledge and information. There is no imputation of knowledge or information by operation of law among or between the parties, the real estate brokerage agency or its affiliated licensees.

Legislative History

PL 2005, c. 378, §23 (NEW). PL 2005, c. 378, §29 (AFF).