(a)A licensee engaged by a buyer to act as a buyer's
agent shall have the following duties and obligations:
(i)To perform the terms of the written agreement
made with the buyer;
(ii)To exercise reasonable skill and care for the
buyer;
(iii)To promote the interests of the buyer with the
utmost good faith, loyalty and fidelity, including:
(A)To seek a price and terms which are
acceptable to the buyer, except that the licensee shall not be
obligated to seek other properties while the buyer is a party to
a contract to purchase property;
(B)To present all offers to and from the buyer
in a timely manner regardless of whether the buyer is already a
party to a contract to purchase property;
(C)To disclose to the buyer adverse material
facts actually known by the licensee;
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(a) A licensee engaged by a buyer to act as a buyer's
agent shall have the following duties and obligations:
(i) To perform the terms of the written agreement
made with the buyer;
(ii) To exercise reasonable skill and care for the
buyer;
(iii) To promote the interests of the buyer with the
utmost good faith, loyalty and fidelity, including:
(A) To seek a price and terms which are
acceptable to the buyer, except that the licensee shall not be
obligated to seek other properties while the buyer is a party to
a contract to purchase property;
(B) To present all offers to and from the buyer
in a timely manner regardless of whether the buyer is already a
party to a contract to purchase property;
(C) To disclose to the buyer adverse material
facts actually known by the licensee;
(D) To counsel the buyer as to any material
benefits or risks of a transaction which are actually known by
the licensee;
(E) To advise the buyer to obtain expert advice
as to material matters about which the licensee knows but the
specifics of which are beyond the expertise of the licensee;
(F) To account in a timely manner for all money
and property received; and
(G) To inform the buyer that the buyer may be
vicariously liable for the acts of the buyer's agent that are
approved, directed or ratified by the buyer.
(iv) To comply with all requirements of this article;
and
(v) To comply with any applicable federal, state or
local laws, rules, regulations or ordinances.
(b) The following information shall not be disclosed by a
licensee acting as a buyer's agent without the informed consent
of the buyer:
(i) That a buyer is willing to pay more than the
purchase price for the property;
(ii) What the motivating factors are for the party
buying the property;
(iii) That the buyer will agree to financing terms
other than those offered;
(iv) Any material information about the buyer unless
disclosure is required by law or failure to disclose the
information would constitute fraud or dishonest dealing.
(c) A licensee acting as a buyer's agent owes no duty or
obligation to the seller, except that a licensee acting as a
buyer's agent shall not make any material misrepresentation or
fraudulent misrepresentation regarding an adverse material fact
actually known by the licensee.
(d) A buyer's agent owes no duty to conduct an independent
investigation of the buyer's financial condition and owes no
duty to independently verify the accuracy or completeness of
statements made by the buyer or any independent inspector.
(e) A buyer's agent may show properties in which the buyer
is interested to other prospective buyers without breaching any
duty or obligation to the buyer. Nothing in this section shall
be construed to prohibit a buyer's agent from showing competing
buyers the same property and from assisting competing buyers in
attempting to purchase or lease a particular property.