§ 62-13-404 — Duty owed to licensee's client

Tennessee § 62-13-404

• Jurisdiction: Tennessee
• Title: 62

Text

Any licensee who acts as an agent in a transaction regulated by this chapter owes to the licensee's client in that transaction the following duties, to: (1) Obey all lawful instructions of the client when the instructions are within the scope of the agency agreement between licensee and licensee's client; (2) Be loyal to the interests of the client. A licensee must place the interests of the client before all others in negotiation of a transaction and in other activities, except where the loyalty duty would violate licensee's duties to a customer under § 62-13-402 or a licensee's duties to another client in a dual agency; and (3) (A) Unless the following duties are specifically and individually waived, in writing by a client, a licensee shall assist the client by: (i) Scheduling all property showings on behalf of the client; (ii) Receiving all offers and counter offers and forwarding them promptly to the client; (iii) Answering any questions that the client may have in negotiation of a successful purchase agreement within the scope of the licensee's expertise; and (iv) Advising the client as to whatever forms, procedures and steps are needed after execution of the purchase agreement for a successful closing of the transaction; (B) Upon waiver of any of the duties in subdivision (3)(A), a consumer shall be advised in writing by the consumer's agent that the consumer may not expect or seek assistance from any other licensees in the transaction for the performance of the duties in subdivision (3)(A).

Legislative History

Acts 1995, ch. 246, § 6; 1996, ch. 772, § 7; 2006, ch. 738, § 2.