339.720. Licensee's duties and obligations in writing--licensee as transaction broker, exceptions.
Licensee's duties and obligations in writing--licensee as transactionbroker, exceptions.
339.720. 1. A licensee's general duties and obligations arising fromthe limited agency relationship shall be disclosed in writing to the sellerand the buyer or to the landlord and the tenant pursuant to sections339.760 to 339.780. Alternatively, when engaged in any of the activitiesenumerated in section 339.010, a licensee may act as an agent in anytransaction in accordance with a written agreement as described in section339.780.
2. A licensee shall be considered a transaction broker unless:
(1) The designated broker enters into a written seller's agent orlandlord's agent agreement with the party or parties to be representedpursuant to subsection 2 of section 339.780;
(2) The designated broker enters into a subagency agreement withanother designated broker pursuant to subsection 5 of section 339.780;
(3) The designated broker establishes a buyer's or tenant's agencyrelationship pursuant to subsection 3 of section 339.780;
(4) The designated broker enters into a written agency agreementpursuant to subsection 8 of section 339.780;
(5) The designated broker and the affiliated licensees are performingministerial acts;
(6) The designated broker enters into a written dual agency agreementwith the parties pursuant to subsection 4 of section 339.780;
(7) The designated broker is acting in a manner described inparagraph (c) of subdivision (23) of section 339.710 without proper noticeof assumption of transaction broker status; or
(8) The licensee is making a listing presentation, which may includepricing and marketing advice about a potential future transaction, to acustomer in anticipation of entering into a signed agency brokerage serviceagreement as a direct result of the presentation.
3. Sections 339.710 to 339.860 do not obligate any buyer or tenant topay compensation to a designated broker unless the buyer or tenant hasentered into a written agreement with the designated broker specifying thecompensation terms in accordance with subsection 3 of section 339.780.
4. A licensee may work with a single party in separate transactionspursuant to different relationships, including, but not limited to, sellingone property as a transaction broker or a seller's agent working with thatseller in buying another property as a buyer's agent, as a subagent or as atransaction broker if the licensee complies with sections 339.710 to339.860 in establishing the relationships for each transaction.
(L. 1996 S.B. 664 § 2, A.L. 1998 H.B. 1601, et al., A.L. 1999 H.B. 866, A.L. 2002 H.B. 1964, A.L. 2005 H.B. 174)