§ 5-20.6-1. Legislative purpose.
(a) The way that consumers buy, sell, rent, exchange, and otherwise transfer real estate
has changed over the years. The purpose of this legislation is to provide consumers
with choice.
(b) This chapter is intended to abrogate the common law of agency relative to relationships
in regulated real estate transactions to the extent that they are inconsistent with
this chapter.
(c) Unless otherwise specified by written agreement, a licensee owes only those duties
and obligations set forth under this chapter, chapter 20.5 of this tit
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§ 5-20.6-1. Legislative purpose.
(a) The way that consumers buy, sell, rent, exchange, and otherwise transfer real estate
has changed over the years. The purpose of this legislation is to provide consumers
with choice.
(b) This chapter is intended to abrogate the common law of agency relative to relationships
in regulated real estate transactions to the extent that they are inconsistent with
this chapter.
(c) Unless otherwise specified by written agreement, a licensee owes only those duties
and obligations set forth under this chapter, chapter 20.5 of this title, and the
regulations promulgated thereunder. A licensee does not owe a fiduciary duty under
the common law of agency to his or her clients and is not subject to equitable remedies
for breach of fiduciary duty.
(d) Nothing in this chapter shall prohibit a principal broker and his or her affiliated
licensees from entering into a written representation contract with a buyer, seller,
tenant, or landlord that creates a relationship in which the duties and obligations
are greater than those provided in this chapter.