36-21A-132. Duties and obligations of licensee representing seller or landlord.

229 words·~1 min read·/sd/title-36/chapter-36-21/36-21a-132

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any licensee representing a seller or landlord has the following duties and obligations:

(1)To perform the terms of the written agreement made with the client;

(2)To exercise reasonable skill and care for the client;

(3)To promote the interest of the client with the utmost good faith, loyalty, and fidelity, including:

(a)Seeking a price and terms which are acceptable to the client. However, the licensee is not obligated to seek additional offers to purchase the property while the property is subject to a contract for sale or to seek additional offers to lease the property while the property is subject to a lease or letter of intent to lease;

(b)Presenting all written offers to and from the client in a timely manner regardless of whether the property is subject to a contract for sale or lease or a letter of intent to lease;

(c)Disclosing to the client all adverse material facts actually known by the licensee; and

(d)Advising the client to obtain expert advice as to material matters about which the licensee knows but the specifics of which are beyond the expertise of the licensee;

(4)To account in a timely manner for all money and property received; and

(5)To comply with any applicable federal, state, and local laws, rules, regulations, and ordinances, including fair housing and civil rights statutes, or regulations.