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Senate Roll Call on
2013 Senate Bill 5352: Clarifying the terminology and duties of the real estate agency relationship law to be consistent with other existing laws

Makes a number of changes to definitions in the real estate brokerage agency chapter to conform to the definitions in the chapter that provides licensing of persons and entities that perform real estate services. Broker is defined to include broker, managing broker, and designated broker, as those terms are defined in the chapter providing licensing for real estate brokers and managing brokers. A definition of real estate firm is added. Firm means a business entity licensed by DOL to conduct real estate brokerage services in this state. The definition of licensee is struck. The duties listed in the real estate brokerage agency relationship chapter are statutory duties, not fiduciary duties. The chapter supersedes all common law fiduciary duties owed by a principal to an agent. The provisions setting forth the formatting of the pamphlet and briefly summarizing the required subjects in the pamphlet are modified to reflect the changes in this act and the 2012 addition of the duty of a firm representing the seller of owner-occupied real property in a short sale. A citation is corrected and numerous language changes are made.

View the rest of Senate Bill 5352: History, Amendments & Comments 

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Senate Roll Call on 2013 Senate Bill 5352

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