(1) (a) The relationships set forth in this part 8 shall commence at the time that the broker is engaged by a party and shall continue until performance or completion of the agreement by which the broker was engaged.
(b) If the agreement by which the broker was engaged is not performed or completed for any reason, the relationship shall end at the earlier of the following:
(I) Any date of expiration agreed upon by the parties;
(II) Any termination or relinquishment of the relationship by the parties; or
(III) One year after the date of the engagement.
(2) (a) Except as otherwise agreed to in writing and pursuant to paragraph (b) of this subsection (2), a broker engaged as a seller's agent or buyer's agent owes no further duty or obligation after termination or expiration of the contract or completion of performance.
(b) Notwithstanding paragraph (a) of this subsection (2), a broker shall be responsible after termination or expiration of the contract or completion of performance for the following:
(I) Accounting for all moneys and property related to and received during the engagement; and
(II) Keeping confidential all information received during the course of the engagement which was made confidential by request or instructions from the engaging party unless:
(A) The engaging party grants written consent to disclose such information;
(B) Disclosure of such information is required by law; or
(C) The information is made public or becomes public by the words or conduct of the engaging party or from a source other than the broker.
(3) Except as otherwise agreed to in writing, a transaction-broker owes no further obligation or responsibility to the engaging party after termination or expiration of the contract for performance or completion of performance; except that such broker shall account for all moneys and property related to and received during the engagement.
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