CONSUMER NOTICE - THIS IS NOT A CONTRACT
Pennsylvania law requires real estate brokers and salespersons (licensees)
to advise consumers who are seeking to sell or purchase residential or
commercial real estate or tenants who are seeking to lease residential
or commercial real estate where the licensee is working on behalf of the
tenant 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
unless an oral disclosure has been previously provided. If the oral disclosure
was provided, this notice must be provided at the first meeting or the
first time a property is shown to the consumer by the broker or salesperson.
Before you disclose any information to a licensee, be advised that
unless you select an agency 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 reasonably practicable period of
time, 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 the Real Estate
Seller Disclosure Act.
Account for escrow and deposit funds.
Disclose all conflicts of interest
in a reasonably practicable period of time.
Provide assistance with
document preparation and advice 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 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 the 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/tenant's best
interest.
Confidentiality, except that the 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 interest of the buyer/tenant.
If you inter 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 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.
Unless otherwise agreed to in writing,
making a continuous and good faith effort to find a buyer for
the property and property for
the buyer, unless either is subject to 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 designating 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 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 and 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 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.
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.
Date: _____________________________________________________________________
Print (Licensee)
________________________________________________________________
Print (Licensee)
Adopted by the State Real Estate Commission at 49 Pa. Code §35.336
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