58-30,104. Termination of relationships.

58-30,104

Chapter 58.--PERSONAL AND REAL PROPERTY
Part 6.--MISCELLANEOUS PROVISIONS
Article 30.--REAL ESTATE BROKERS AND SALESPERSONS

      58-30,104.   Termination of relationships.(a) (1) The agency relationships set forth inK.S.A. 58-30,103,and amendments thereto, shall commence at the time that the client engagesthe broker, and shall continue until:

      (A)   A transaction is closed according to the agreement of theparties; or

      (B)   if a transaction is not closed according to the agreement ofthe parties, the earlier of:

      (i)   Any date of expiration agreed upon by the parties in the agencyagreement or in any amendments thereto; or

      (ii)   any authorized termination of the relationship.

      (2)   Except as otherwise agreed in writing, a broker owes nofurther duties to the client after termination, expiration, or the closingof a transaction according to the agreement of the parties, except:

      (A)   To account for all moneys and property relating to the engagement;and

      (B)   to keep confidential all confidential information received duringthe course of the engagement unless:

      (i)   The client permits the disclosure by subsequent word or conduct;

      (ii)   such disclosure is required by law; or

      (iii)   the information becomes public from a source other thanthe broker.

      (b) (1)   The relationship between a transaction broker and a seller,landlord, buyer or tenant shall terminate when:

      (A)   A transaction is closed according to the agreement of the parties;or

      (B)   if a transaction is not closed according to the agreement of theparties, the earlier of:

      (i)   Any date of expiration agreed upon by the parties; or

      (ii)   any authorized termination of the relationship.

      (2)   Except as otherwise agreed in writing, a transaction broker owes nofurther duties to any party to the transaction after termination,expiration or the closing of a transaction according to the agreement ofthe parties, except:

      (A)   To account for all moneys and property relating to theengagement; and

      (B)   to keep confidential all information received during the course ofthe engagement which was made confidential by request of any party to thetransaction, unless:

      (i)   The party permits the disclosure by subsequent word or conduct;

      (ii)   such disclosure is required by law; or

      (iii)   the information becomes public from a source other thanthe transaction broker.

      History:   L. 1995, ch. 252, § 4; Revived, L. 1997, ch. 65, § 28;L. 1997, ch. 65, § 29; Oct. 1.