The bill amends section 2512d of the Occupational Code, specifically addressing the duties and responsibilities of licensees acting under service provision agreements in real estate transactions. It establishes that a licensee must perform certain duties, including exercising reasonable care, loyalty to the client, compliance with laws, and maintaining confidentiality. Notably, the bill clarifies that a licensee must not disclose confidential information to any licensee that is not an agent of the client. Additionally, it outlines the specific services that a licensee must provide, such as marketing the property, presenting offers, and assisting in the transaction process.

Furthermore, the bill introduces a provision that allows sellers or lessors to waive certain services in a limited service agreement. It also prohibits real estate brokers or salespersons from misleading the public by advertising a property as "for sale by owner" when they are representing a seller under a service provision agreement. The enactment of this bill is contingent upon the passage of two other specified bills from the 103rd Legislature.

Statutes affected:
House Introduced Bill: 339.2512