(A) A listing agent or any real estate licensee operating for any party in a residential real estate transaction must inform in writing each owner covered by the listing agreement of the owner's obligations prescribed in this article. If the listing agent performs this duty, he is not liable for the owner's refusal or failure to provide a prospective purchaser with a disclosure statement.
(B) This article does not conflict with or alter the duties of the real estate licensee pursuant to the regulations of the commission. The real estate licensee, whether acting as the listing agent or selling agent, is not liable to a purchaser if:
(1) the owner provides the purchaser with a disclosure form that contains false, incomplete, or misleading information; and
(2) the real estate licensee did not know or have reasonable cause to suspect the information was false, incomplete, or misleading.
HISTORY: 2002 Act No. 336, Section 2.
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