(Name of Broker, Firm, Salesperson or Property Manager as applicable) represents more than one party in this real estate transaction as indicated below: Show _____ Seller(s) and Buyer(s) _____ Landlord(s) and Tenant(s). “The undersigned understands that the foregoing dual representative may not disclose to either client or such client’s designated representative any information that has been given to the dual representative by the other client within the confidence and trust of the brokerage relationship except for that information which is otherwise required or permitted by § 42-1755(f), to be disclosed. The undersigned by signing this notice do hereby acknowledge their informed consent to the disclosed dual representation by the licensee. ____________ _______________ Date Name (One Party) ____________ _______________ Date Name (One Party) ____________ _______________ Date Name (Other Party) ____________ _______________ Date Name (Other Party)”. (3) No cause of action shall arise against a dual representative for making disclosures of brokerage relationships as provided by this section. A dual representative does not terminate any brokerage relationship by the making of any such allowed or required disclosures of dual representation. (4) In any real estate transaction, a licensee may withdraw, without liability, from representing a client who refuses to consent to a disclosed dual representation, thereby terminating the brokerage relationship with such client. Such withdrawal shall not prejudice the ability of the licensee to continue to represent the other client in the transaction nor to limit the licensee from representing the client who refused the dual representation in other transactions not involving dual representation. (5) A principal or supervising broker may assign different licensees affiliated with the broker as designated representatives to represent different clients in the same transaction to the exclusion of all other licensees in the firm. Use of such designated representatives shall not constitute dual representation if a designated representative is not representing more than one client in a particular real estate transaction; however, the principal or broker who is supervising the transaction shall be considered a dual representative as provided in this article. Designated representatives may not disclose, except to the affiliated licensee’s broker, personal or financial information received from the clients during the brokerage relationship and any other information that the client requests during the brokerage relationship be kept confidential, unless otherwise provided for by law or the client consents in writing to the release of such information. (6) Use of designated representatives in a real estate transaction shall be disclosed in accordance with the provisions of this section. Such disclosure may be given in combination with other disclosures or provided with other information, but if so, the disclosure must be conspicuous, printed in bold lettering, all capitals, underlined, or within a separate box. Any disclosure which complies substantially in effect with the following shall be deemed in compliance with such disclosure requirement: “DISCLOSURE OF THE USE OF DESIGNATED REPRESENTATIVES“The undersigned do hereby acknowledge disclosure that: “The licensee _______________ (Name of Broker and Firm) represents more than one party in this real estate transaction as indicated below: _____ Seller(s) and Buyer(s) _____ Landlord(s) and Tenant(s). “The undersigned understands that the foregoing dual representative may not disclose to either client or such client’s designated representative any information that has been given to the dual representative by the other client within the confidence and trust of the brokerage relationship except for that information which is otherwise required or permitted by the Real Estate Licensure Amendment Act of 1996 to be disclosed. The undersigned by signing this notice do hereby acknowledge their informed consent to the disclosed dual representation by the licensee. “The principal or supervising broker has assigned __________ to act as Designated Representative (Licensee/Sales Associate) for the one party as indicated below: _____ Seller(s) or _____ Buyer(s) _____ Landlord(s) or _____ Tenant(s). and__________ to act as Designated Representative (Licensee/Sales Associate) for the one party as indicated below: _____ Seller(s) or _____ Buyer(s) _____ Landlord(s) or _____ Tenant(s) ____________ ____________ Date Name (Other Party) ____________ ____________ Date Name (Other Party) ____________ ____________ Date Name (Other Party) ____________ ____________ Date Name (Other Party)”. (j) Compensation shall not imply brokerage relationship. — The payment or promise of payment or compensation to a real estate broker or property manager does not create a brokerage relationship between any broker, seller, landlord, buyer or tenant. (k) Brokerage relationship not created by using common source information company. — No licensee representing a buyer or tenant shall be deemed to have a brokerage relationship with a seller, landlord, or other licensee solely by reason of using a common source information company. (l) Liability; knowledge not to be imputed. — (1) A client is not liable for a misrepresentation made by a licensee in connection with a brokerage relationship, unless the client knew or should have known of the misrepresentation and failed to take reasonable steps to correct the misrepresentation in a timely manner, or the negligence, gross negligence, or intentional acts of any property manager, broker, or broker’s licensee. (2) A licensee who has a brokerage relationship with a client and who engages another licensee to assist in providing brokerage services to such client shall not be liable for a misrepresentation made by the other licensee, unless the licensee knew or should have known of the other licensee’s misrepresentation and failed to take reasonable steps to correct the misrepresentation in a timely manner, or the negligence, gross negligence, or intentional acts of the assisting licensee or assisting licensee’s licensee. (3) Clients and licensees shall be deemed to possess actual knowledge and information only. Knowledge or information between or among clients and licensees shall not be imputed. (4) Nothing in this section shall limit the liability between or among clients and licensees in all matters involving unlawful discriminatory housing practices. (5) Except as expressly set forth in this section, nothing in this section shall affect a person’s right to rescind a real estate transaction or limit the liability of a client for the misrepresentation, negligence, gross negligence, or intentional acts of such client in connection with a real estate transaction, or a licensee for the misrepresentation, negligence, gross negligence, or intentional acts of such licensee in connection with a real estate transaction. (m) Commission regulations to be consistent. — Any regulations adopted by the Commission shall be consistent with this section, and any such regulations existing as of April 9, 1997 [shall] be modified to comply with the provisions of this section. (n) Common law abrogated. — The common law of agency relative to brokerage relationships in real estate transactions to the extent inconsistent with this section shall be expressly abrogated. (o) Applicability of criminal penalties. — The criminal penalties provided in § 42-1763 [repealed], shall not be applicable to violations of this section, which shall be civil and regulatory in nature, provided that the provisions in §§ 42-1708 and 42-1753 through 42-1762 [repealed], shall be applicable to such violations. (Mar. 10, 1983, D.C. Law 4-209, § 15a; as added Apr. 9, 1997, D.C. Law 11-242, § 2(b), 44 DCR 1128; Mar. 24, 1998, D.C. Law 12-81, § 55(b), 45 DCR 745.) Prior Codifications1981 Ed., § 45-1934.1. Section ReferencesThis section is referenced in § 42-1307 and § 42-1702. Cross ReferencesResidential real property seller disclosure, fraud, misrepresentation and deceit, see § 42-1307. References in TextThe “Real Estate Licensure Amendment Act of 1996”, referred to in the form in (i)(6), is D.C. Law 11-242, which is codified as §§ 42-1702, 42-1703, 42-1705, 42-1707, and 42-1755. What are the three most common types of listings?In Commercial Real Estate, there are three types of real estate listings used to secure a buyer for a property. An Exclusive Right to Sell, an Exclusive Agency Listing, and an Open Listing.
What are three primary areas of disclosure?21:27 - Remaining disclosures.
Angela covers the final three primary areas of disclosures for public companies: significant judgments, contract balances, and cost to obtain or fulfill a contract.
What is the common disposition of a listing when the listing agent moves?What is the common disposition of the listing when the listing agent moves to another agency? The listing stays with the broker.
What is an open listing agreement?Open Listing: A contractual agreement under which the listing broker acts as the agent or as the legally recognized non-agency representative of the seller(s), and the seller(s) agrees to pay a commission to the listing broker only if the property is sold through the efforts of the listing broker. (
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