Agenda - Council - 12/10/2013 - Laserfiche WebLink

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Kauai wallas. TIM fr TwiNGlifrY plU,1{N AGENCY RELATIONSHIPS IN REAL ESTATE TRANSACTIONS 43, Page 2 44. IV. Dal Agency - Brooker Representing bath Seller/Landlord and RoyerlTertant: Dual agency occurs wrten one 45. broker or salesperson represents Both parties to a transaction, or when two salespersons licensed to the same 46. broker each represent a party to the transaction. Dual a,geney requires the Informed consent of ail parties, and 47. means that the broker and salesperson owe the same duties to the Seller/Landlord and the BuyerrTenant. This 46. role limits the level of representation the broker and salesperson can provide, and prohibits them from acting 49. exclusively for either party. In a dual agency, confidential information about price, terms and motivation torpursuing 50. a transaction MI be kept confidential unless one party instructs the broker or salesperson in writing tc disclose 51. speeifie information about him or ha r. Other information will be shared_ Dual agents may not advocate for one party 52. to the detriment of the ether)* 53. Within the limitations dascrrbed above, dual agents owe to both Seller/Landlord and Buyer/Tenant the fiduciary 54. duties described below. Dual agents must disclose to Buyers material tactsa,sdefined in MN Statute 62.68, Suled. 55. 3, of which the broker is aware that could adversely and significantly affect the Buyer's use or enjoyment of the 56, property. (MN Statute 82.66, Subd. 3 does not apply to rental/lease transactions,] 57, V. Facilitator: A broker or salesperson who performs services fur a Buyer/Tenant, a SellerlLandiortf or both but 58. does not represent either in a fiduciary capacey as a Buyer's/Tenant's Broker, Seller's/Landlord's Broker or Dual 59, Agent. THE FACILITATOR BROKER 0R SALESPERSON DOES NOT UNEANY PARTY ANY CFTHEFIDUCIARY 60. DUTIES LiSTED BELOW, EXCEPT CONFIDENTIALITY, UNLESS THOSE DUTIES ARE INCLLPDED IN A 61. WRITTEN FACILITATOR SERVICES AGREEMENT, The facilitator broker or salesperson awes the duty of 62. confidentiality to the party but owes no other duty to the party except those duties required by law or contained in 63. a written facilitator services agreement, it any. In the event a facilitator broker or salesperson working with a Buyer/ 64. Tenant shows a property Fisted by the facilitator broker or salesperson, then the facilitator broker or salesperson 65. must act as a Seller's/Landlord's Broker (see paragraph I on page one (1)). In the event a facilitator broker or 66. salesperson, werking with a Seller/Landlord, accepts a shoveng of the property by a Buyer/Tenant being represented 07. by the facilitator broker or salesperson. then the facilitator broker or salesperson must act as a Buyer'srfenant's 66 Broker {see paragraph 11I on page one (1)). 69. This disclosure is required by law In any transaction involving properly occupied or Intended to be occupied by 70. one to four families as their residence. 71. (21 The fiduciary duties mentioned above are Fisted below and have the following meanings: 72. Loyalty - broker/salesperson will act only in cllent(sY best interest. 73. Obedience - brokerfselesperson will carry oft all clienf(s}' lawful instructions. 74. E]i.sCIo ure - brokerfsalesperson will disclose to client{sj all material facts of which broker/settee person has knowledge 75, whietn might reasonably affect the client(sp' use and enjoyment of the property. 76. confidentiality - brokerlsalesperson will keep c;ient(s)' confidences unless required by law to disclose specific 77_ information (such as disclosure of material facts to Buyers). 78. Reasonable Care - brokerlsalesperson will use reasonable care in performing duties es en argent. 79. Accounting - brokerlsalesperson will account to client(s) for all elient(s)' money and property received as agent. 60, ;al if Sefler(s)/Landlord(s) decides) not to agree to a dual agency relationship, Sellers)/Landiord(s) may give up the 81. opportunity to sell/lease the property to 6uyer(s)/Tenant(s) represented by the broker/salesperson. If Buyer(ey 82_ Tenant(s) decido(s) not to agree to a dual agency relaVonship, Buyer(s)(Tenant(s) may give up the opportunity to 83. purchase/lease properties listed by the broker. 84. NOTICE REGARDING PREDATORY OFFENDER INFORMATION: Information regarding the predatory offender 85. registry and persons registered with the predatory offender registry under MN Statute 243.16E may be 86. obtained by contacting the local law enforcement offices in the community where the prcperty is located, 87. or the Minnesota Department of Corrections at'651)361.7200,or1roar the Department of Corrections Web site et 88. www.corr.state.rnn.us. MN:AOCYDI$ c-2111/1 of