543B.56A Brokerage agreements — purpose — contents.
1. The purpose of this section is to promote the protection of the public by establishing minimum standards reasonably expected by the public in reliance upon the professional work product of real estate licensees. The reliance of the public and business community on sound professional opinions and assistance imposes on real estate licensees certain obligations both to their clients and to the public. The purpose of this section is also to assist in ensuring that licensees’ obligations are met including licensees’ exercising sound independent business judgment, striving to continuously improve professional business skills and knowledge in the industry, promoting sound and informative real estate reporting, and exercising the highest fiduciary duties to clients and the public.
2. A brokerage agreement shall specify that the broker shall, at a minimum, do all of the following:
a. Accept delivery of and present to the client offers and counteroffers to buy, sell, rent, lease, or exchange the client’s property or the property the client seeks to purchase or lease.
b. Assist the client in developing, communicating, negotiating, and presenting offers or counteroffers until a rental agreement, lease, exchange agreement, offer to buy or sell, or purchase agreement is signed and all contingencies are satisfied or waived and the transaction is completed.
c. Answer the client’s questions relating to the brokerage agreements, listing agreements, offers, counteroffers, notices, and contingencies.
d. Provide prospective buyers access to listed properties.
2005 Acts, ch 40, §2; 2011 Acts, ch 73, §4
Referred to in §543B.5, 543B.61
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