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THIS IS NOT A CONTRACT
Pennsylvania Law requires real estate brokers and salesmen (licensees)
to advise consumers of business relationships that a consumer may have
with a licensee. This notice must be provided to the consumer at the first
contact where a substantive discussion about real estate occurs.
Before you disclose any information to a licensee, be advised that unless
you select a business relationship by signing a written agreement, the
licensee is NOT representing you. A business relationship will NOT be
presumed.
Any licensee who provides you with real estate services owes you the following
duties:
Exercise reasonable professional skill and care.
Deal honestly and in good faith.
Present, in a timely manner all offers, notices and communications to
and from the parties in writing, unless waived
Comply with Real Estate Seller Disclosure Act.
Account for escrow and deposit funds. · Disclose in a timely manner all
conflicts of interest and financial interest.
Advice the consumer to seek expert advise on matters about the transaction
that are beyond the licensee’s expertise.
Keep the consumer informed about the transaction and the task to be completed.
A licensee may have the following business relationships with the consumer:
Seller Agency:
Seller agency is a relationship where the licensee, upon entering into
a written agreement, works only for a seller/landlord. Seller’s agent
owe the additional duties of:
Loyalty to the seller/landlord by acting in the seller’s best interest.
Confidentiality, except that a licensee has a duty to reveal known material
defects about the property.
Making a continuous and good faith effort to find a buyer for the property.
Disclose to other parties in the transaction that the licensee has engaged
as a seller’s agent.
A seller’s agent may compensate other brokers as subagents if the seller/landlord
agrees in writing. Subagents have the same duties and obligations as the
seller’s agent. Seller’s agents may also compensate buyer’s agents and
transaction licensees who do not have the same duties and obligations
as the seller’s agent.
If you enter into a written agreement, all the licensees in the real estate
company owe you the additional duties identified above under seller agency.
The exception is designated agency. See designated agency section in this
notice for more information.
Buyer Agency:
Buyer agency is a relationship where the licensee, upon entering into
a written agreement, works only for the buyer/tenant. Buyer agents owe
the additional duties of:
Loyalty to the buyer/tenant by acting in the buyer's/tenant’s best interest.
Confidentiality, except that a licensee is required to disclose known
material defects about the property.
Making a continuous and good faith effort to find a property for the buyer/tenant.
Disclose to other parties in the transaction that the licensee has been
engaged as a buyer’s agent.
A buyers’ agent may be paid fees, which may include a percentage of the
purchase price, and, even if paid by the seller/landlord, will represent
the interest of the buyer/tenant.
If you enter into a written agreement, all the licensees in the real estate
company owe you the additional duties identified above under buyer agency.
The exception is designated agency. See the designated agency section
in this notice for more information.
Dual Agency:
Dual agency is a relationship where the licensee acts as the agent for
both the seller/landlord and the buyer/tenant in the same transaction
with the written consent of all parties. Should dual agency occur in your
transaction, you will be informed. Dual agents owe the additional duties
of:
Take no action that is adverse or detrimental to either party's interest
in the transaction.
Make a continuous and good faith effort to find a buyer for the property
and a property for the buyer.
Confidentiality, except that a licensee is required to disclose known
material defects about the property.
Designated Agency:
In designated agency, the employing broker may, with your consent, designated
one or more licensees from their company to act exclusively as the agent
for the seller/landlord and one or more licensees to act exclusively as
the agent for the buyer/tenant. Other licensees in the company, who are
not designated, may represent another party and should not be provided
with any confidential information.
In designated agency, the employing broker will be a dual agent and have
the additional duties to:
Take reasonable care to protect any confidential information disclosed
to the salesperson.
Take responsibility to direct and supervise the business activities of
the licensees who represent the seller and buyer while taking no action
that is adverse or detrimental to either party's interest in the transaction.
The designated agent(s) shall have the duties to the seller/landlord or
buyer/tenant as listed above under seller and buyer agency.
The designation may take place at the time that the parties enter into
a written agreement, but may occur at a later time. Regardless of when
the designation takes place, the broker is responsible for ensuring that
confidential information is not disclosed.
Transaction licensee:
A transaction licensee is a broker or salesperson who provides communication
or document preparation service or performs other acts for which a license
is required WITHOUT being the agent or advocate for either the seller/landlord
or buyer/tenent. Upon entering a written agreement or disclosure statement,
has the additional duty of limited confidentiality in that the following
information may not be disclosed:
The seller/landlord will accept a price less than the asking/listing price.
The buyer/tenant will pay a price greater than the price submitted in
a written offer.
The seller/landlord or buyer/tenant will agree to financing terms other
than those offered.
Other information deemed confidential by the consumer should not be provided
to the transaction licensee.
Other Information about Real Estate Transactions
The following are negotiable and shall be addressed in an agreement/disclosure
statement with the licensee:
The duration of the licensee’s employment listing agreement or contract.
The licensee’s fees or commission.
The scope of the licensee’s activities or practices.
The broker’s cooperation with other brokers.
Any sales agreement must contain the zoning classification of a property
except in cases where the property is zoned solely or primarily to permit
single-family dwellings.
The Real Estate Recovery Fund exist to reimburse any person who has obtained
a final civil judgment against a Pennsylvania real estate licensee owing
to fraud, misrepresentation, or deceit in a real estate transaction and
who has been unable to collect the judgment after exhausting all legal
and equitable remedies. For complete details about the Fund, call (717)
783-3658.
I acknowledge that I have received this disclosure.
Date_______________
Date_____________
_______________________________ (Consumer)
_______________________________ (Consumer)
I certify that I have provided this document to the above consumer during
the initial interview. Date_______________
________________________________________ (Licensee)
John
S. Thomas Real Estate •
657 Swedesford Rd. • Malvern,
PA 19355
phone 610-251-1680 • fax 610-251-1682 • e-mail: info@pabuyerbroker.com