Effective: October 12, 2006 Latest Legislation: House Bill 150 - 126th General Assembly (A) In representing a seller in an agency relationship, a licensee shall: (1) Seek a purchase offer at a price and with terms acceptable to the seller. Unless the seller so directs, the licensee is not obligated to seek additional offers if the property is subject to a contract of sale, lease, or letter of intent to lease; (2) Accept delivery of and present any purchase offer to the seller in a timely manner, even if the property is subject to a contract of sale, lease, or letter of intent to lease; (3) Within the scope of knowledge required for licensure, answer the seller's questions and provide information to the seller regarding any offers or counteroffers; (4) Assist the seller in developing, communicating, and presenting offers or counteroffers; (5) Within the scope of knowledge required for licensure, answer the seller's questions regarding the steps the seller must take to fulfill the terms of any contract. (B) A licensee does not breach any duty or obligation to a seller with whom the licensee has an agency relationship by showing alternative properties to a prospective purchaser or by acting as an agent or subagent for other sellers. (C) Nothing in this section shall be construed as permitting a licensee to perform any act or service that constitutes the practice of law.
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