§ 5-20.6-1 - Legislative purpose.
SECTION 5-20.6-1
§ 5-20.6-1 Legislative purpose. – (a) The way that consumers buy, sell, rent, exchange, and otherwise transferreal estate has changed over the years. The purpose of this legislation is toprovide consumers with choice.
(b) This chapter is intended to abrogate the common law ofagency relative to relationships in regulated real estate transactions to theextent that they are inconsistent with this chapter.
(c) Unless otherwise specified by written agreement, alicensee owes only those duties and obligations set forth under this chapter,chapter 5-20.5, and the regulations promulgated thereunder. A licensee does notowe a fiduciary duty under the common law of agency to his or her clients andis not subject to equitable remedies for breach of fiduciary duty.
(d) Nothing in this act shall prohibit a principal broker andhis or her affiliated licensees from entering into a written representationcontract with a buyer, seller, tenant, or landlord that creates a relationshipin which the duties and obligations are greater than those provided in thischapter.