Bill No.: SF0110                  Drafter:  JHR

LSO No.:  09LSO-0464              Effective Date:  7/1/2009

Enrolled Act No.:  SEA0012

Chapter No.:       20

Prime Sponsor:     Senator Bebout

Catch Title:       Designated real estate agents.

Subject:  Clarifies roles and relationships in real estate transactions as specified.

Summary/Major Elements:

This bill:

· Clarifies the roles of brokers, agents and customers in real estate transactions;

· Specifies the duties of a licensee (broker, associate broker and real estate sales agents) to the buyer or seller he is representing;

· Requires specified disclosures by a licensee to a client;

· Provides exceptions to the duties owed by a licensee to a client;

· Authorizes a brokerage firm to designate which agents shall act as an agent, subagent or intermediary for the same or other parties in other real estate transactions;

· Prohibits dual agency by a licensee for a buyer and seller and requires that a single agency relationship with a buyer or seller be created through a written agreement;

· Specifies that a buyer or seller is only vicariously liable for the actions of his agent if he has approved, directed or ratified the actions of the agent;

· Limits confidentiality between a licensee and a client;

· Deems that a licensee is working with a landlord or tenant if a written agreement exists;

· Provides definitions.