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 exercise reasonable care, loyalty, and compliance with relevant laws while also ensuring confidentiality of client information. Notably, the bill clarifies that a licensee must provide timely accounting of all money and property received and must refer clients to other licensed professionals for expert advice when necessary. Additionally, it specifies that a real estate broker may authorize a designated agent to represent the client in writing.

The bill also outlines specific services that a licensee must provide, including marketing the client's property, presenting offers, and assisting in the completion of transactions. It introduces a requirement for licensees to recommend that buyers obtain a fee title policy and prohibits brokers from misleading the public regarding the representation of sellers. Furthermore, it allows sellers or lessors to waive certain services in a limited service agreement. The enactment of this bill is contingent upon the passage of two other related bills in the legislature.

Statutes affected:
House Introduced Bill: 339.2512
As Passed by the House: 339.2512