CONSUMER NOTICE
THIS IS NOT A CONTRACT
Pennsylvania Law requires real estate brokers and salespersons
(licensees) to advise consumers of the business relationships
permitted by the Real Estate Licensing and Registration Act. This
notice must be provided to the consumer at the first contact where a
substantive discussion about real estate occurs.
Before you disclose any information to a licensee, be advised that
unless you select an agency relationship by signing a written
agreement providing for such a relationship, the licensee is NOT
REPRESENTING YOU. A business relationship of any kind will NOT be
presumed but must be established between the consumer and the
licensee.
Any licensee who provides you with real estate services owes you
the following duties:
· Exercise reasonable professional skill and care which meets the
practice standards required by the Act.
· Deal honestly and in good faith.
· Present, in a timely manner, all offers, counteroffers, notices,
and communications to and from the parties in writing. The duty
to present written offers and counteroffers may be waived if the
waiver is in writing.
· Comply with Real Estate Seller Disclosure Act.
· Account for escrow and deposit funds.
· Disclose all conflicts of interest in a timely manner.
· Provide assistance with document preparation and advise the
consumer regarding compliance with laws pertaining to real estate
transactions.
· Advise the consumer to seek expert advice on matters about the
transaction that are beyond the licensee's expertise.
· Keep the consumer informed about the transaction and the tasks to
be completed.
· Disclose financial interest in a service, such as financial, title
transfer and preparation services, insurance, construction, repair or
inspection, at the time service is recommended or the first time the
licensee learns that the service will be used.
A licensee may have the following business relationships with the
consumer:
Seller Agency:
Seller agency is a relationship where the
licensee, upon entering into a written agreement, works only for a
seller/landlord. Seller's agents owe the additional duties of:
· Loyalty to the seller/landlord by acting
in the seller's/landlord's best interest.
· Confidentiality, except that a licensee
has a duty to reveal known material defects about the property.
· Making a continuous and good faith effort to
find a buyer for the property, except while the property is subject to
an existing agreement.
· Disclosure to other parties in the transaction
that the licensee has been engaged as a seller's agent.
A seller's agent may compensate other brokers as subagents if
the seller/landlord agrees in writing. Subagents have the same duties
and obligations as the seller's agent. Seller's agents may also
compensate buyer's agents and transaction licensees who do not have
the same duties and obligations as seller's agents.
If you enter into a written agreement, the licensees in the real
estate company owe you the additional duties identified above under
seller agency. The exception is designated agency. See the designated
agency section in this notice for more information.
Buyer Agency:
Buyer agency is a
relationship where the licensee, upon entering into a written
agreement, works only for the buyer/tenant.
Buyer's agents owe the
additional duties of:
· Loyalty to the
buyer/tenant by acting in the buyer's/tenant's best interest.
· Confidentiality, except
that a licensee is required to disclose known material defects about
the property.
· Making a continuous
and good faith effort to find a property for the buyer/tenant,
except while the buyer/tenant is subject to an existing contract.
· Disclosure to other
parties in the transaction that the licensee has been engaged as a
buyer's agent.
A buyer's agent may be paid fees, which may include a percentage of
the purchase price, and, even if paid by the seller/landlord, will
represent the interests of the buyer/tenant.
If you enter into a written agreement, the licensees in the real
estate company owe you the additional duties identified above under
buyer agency. The exception is designated agency. See the designated
agency section in this notice for more information.
Dual Agency:
Dual agency is a relationship where the licensee acts as the agent
for both the seller/landlord and the buyer/tenant in the same
transaction with the written consent of all parties. Dual agents owe
the additional duties of:
· Taking no action that is adverse or
detrimental to either party's interest in the transaction.
· Making a continuous and good faith effort to
find a buyer for the property and a property for the buyer, unless
either are subject to an existing contract.
· Confidentiality, except that a licensee
is required to disclose known material defects about the property.
Designated Agency:
In designated agency, the employing broker may, with your
consent, designate one or more licensees from the real estate company
to represent you. Other licensees in the company may represent another
party and shall not be provided with any confidential information. The
designated agent(s) shall have the duties as listed above under seller
agency and buyer agency.
In designated agency, the employing broker will be a dual agent and
have the additional duties of:
· Taking reasonable care to protect any
confidential information disclosed to the licensee.
· Taking responsibility to direct and supervise
the business activities of the licensees who represent the seller and
buyer while taking no action that is adverse or detrimental to either
party's interest in the transaction.
The designation may take place at the time that the parties enter into
a written agreement, but may occur at a later time. Regardless of when
the designation takes place, the employing broker is responsible for
ensuring that confidential information is not disclosed.
Transaction Licensee:
A transaction licensee is a broker or salesperson
who provides communication or document preparation services or
performs other acts for which a license is required WITHOUT being
the agent or advocate for either the seller/landlord or the buyer/tenant.
Upon signing a written agreement or disclosure statement, a
transaction licensee has the additional duty of limited
confidentiality in that the following information may not be
disclosed:
· The seller/landlord will accept a price less
than the asking/listing price.
· The buyer/tenant will pay a price greater than
the price submitted in a written offer.
· The seller/landlord or buyer/tenant will agree
to financing terms other than those offered.
Other information deemed confidential by the
consumer shall not be provided to the transaction licensee.
OTHER INFORMATION ABOUT REAL ESTATE TRANSACTIONS
The following are negotiable and shall be addressed in an
agreement/disclosure statement with the licensee:
· The duration of the employment, listing
agreement or contract.
· The fees or commissions.
· The scope of the activities or practices.
· The broker's cooperation with other brokers,
including the sharing of fees.
Any sales agreement must contain the zoning classification of a
property except in cases where the property is zoned solely or
primarily to permit single family dwellings.
A Real Estate Recovery Fund exists to reimburse any person who has
obtained a final civil judgment against a Pennsylvania real estate
licensee owing to fraud, misrepresentation, or deceit in a real estate
transaction and who has been unable to collect the judgment after
exhausting all legal and equitable remedies. For complete details
about the Fund, call (717) 783-3658.
ACKNOWLEDGMENT
I acknowledge that I have received this disclosure.
Date: _______________________
____________________ __________________________________
Print (Consumer)
Print (Consumer)
__________________ __________________________________
Signed (Consumer)
Signed (Consumer)
__________________________ ____________________________
Address (optional)
Address (optional)
_
_____________________ __________________________________
Phone Number (optional)
Phone Number (optional)
I certify that I have provided this document to the above
consumer during the initial interview.
Date: __________________________
______________________________________________________________
Print (Licensee)
______________________________________________________________
Signed (Licensee)
Adopted by the State Real Estate Commission at
49 Pa. Code ~35.336.
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Bridge Street Realty, LLC
1002 Bridge Street, New Cumberland, PA 17070
Tel: 717-774-1700 Fax: 717-774-1010
Please
direct technical, comments, and questions about this web site to
IT@BridgeStreetRealty.com.
Last updated
02/04/08
Copyright ©
2006 Bridge Street Realty, LLC. All Rights Reserved.
Terms, Conditions and privacy information.
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