TITLE 5
Businesses and Professions

CHAPTER 5-20.6
Relationships in Residential Real Estate Transactions

SECTION 5-20.6-10


§ 5-20.6-10 Client representation contract – Minimum requirements.

(a) If a seller, buyer, landlord, or tenant and principal broker elect to enter into a client representation contract, the contract shall meet the following requirements:

(1) Be an express, written contract;

(2) Include terms of compensation;

(3) Describe all services and limitations on services to be performed by the principal broker and his or her affiliated licensees;

(4) State that a principal broker may appoint one or more affiliated licensees to act as the designated client representative(s) for a seller or landlord and one or more affiliated licensees to act as the designated client representative(s) for a buyer or tenant in the same transaction after a licensee has obtained consent from the client being represented; and

(5) Be signed by all parties.

History of Section.
(P.L. 2007, ch. 344, § 2; P.L. 2007, ch. 403, § 2.)