The bill amends the Occupational Code, specifically section 2517, to update the requirements for real estate licensees regarding agency disclosures in transactions. It mandates that licensees provide a written agency disclosure to potential buyers or sellers before any confidential information is shared. The bill also clarifies that a real estate broker or salesperson must provide specific duties and services to clients, which can be waived under a limited service agreement. Additionally, it introduces a new requirement for the written agency disclosure to conform to a specified format, ensuring that clients understand the nature of the agency relationship before disclosing any confidential information.

Furthermore, the bill outlines the obligations of agents in real estate transactions, including the duty of care, loyalty, compliance with laws, and confidentiality. It also details the roles of seller's agents, buyer's agents, and dual agents, emphasizing the need for informed consent in dual agency situations. The amendments include provisions for designated agency agreements, which allow for different agents to represent opposing parties in the same transaction without being considered dual agents. Overall, the bill aims to enhance transparency and protect the interests of clients in real estate transactions.

Statutes affected:
House Introduced Bill: 339.2517