54-2094. REPRESENTATION NOT FIDUCIARY IN NATURE. While this act is intended to abrogate the common law of agency as it applies to regulated real estate transactions, nothing in this act shall prohibit a brokerage from entering into a written agreement with a buyer or seller which creates an agency relationship in which the duties and obligations are greater than those provided in this act. However, unless greater duties are specifically agreed to in writing between the brokerage and a represented client, the duties and obligations owed to a represented client in a regulated real estate transaction are not fiduciary in nature and are not subject to equitable remedies for breach of fiduciary duty.
History:
[(54-2094) 54-2072, added 1996, ch. 250, sec. 1, p. 791; am. and redesignated 2000, ch. 285, sec. 16, p. 958.]
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