324.121 Designation of licensee as exclusive agent -- Effect of designation --
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/ky/324-121A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Availability of dual agency.
(1)A principal broker may designate one
(1)or more affiliated licensees to act as agent
for a seller or lessor, to the exclusion of all other licensees affiliated with the
principal broker. A principal broker may designate one
(1)or more affiliated
licensees to act as agent for a buyer or lessee, or prospective buyer or lessee to the
exclusion of all other licensees affiliated with the principal broker. The designation
procedure shall be made in writing and communicated to all licensees affiliated with
the principal broker. The designated agent shall inform and obtain the consent of the
buyer or lessee, or prospective buyer or lessee to the designation. The designated
agent shall inform and obtain the consent of the seller or lessor to the designation.
The principal broker shall not designate himself or herself as a designated agent.
(2)If a principal broker designates one
(1)or more licensees to represent the seller and
one
(1)or more other licensees to represent the buyer or the prospective buyer in the
same transaction, only the principal broker or a designated manager working under
the principal broker's direction shall be deemed to be a dual agent representing the
seller and buyer in a limited fiduciary capacity. As a dual agent, the principal broker
or designated manager shall keep confidential information relating to either party in
an individual file that shall be maintained and accessed by the principal broker or
designated manager only. As a dual agent, the principal broker or designated
manager shall not disclose to either party confidential information learned relative
to the other party. Except as set forth in subsection
(3)of this section, this
designation shall not affect the principal broker's or designated manager's agency
relationships in cooperative sales between consumers separately represented by
nonaffiliated principal brokers or designated managers.
(3)No exchange of information or knowledge between or among consumers, whether
the seller, buyer, lessor, or lessee, and the principal broker, the designated manager,
the firm, or the licensees shall be imputed as a matter of law in any real estate
transaction.
(4)Nothing in this section shall prevent a real estate brokerage firm or licensee from
entering into a dual agency relationship with consumers in a real estate transaction.