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 must provide a written agency disclosure to potential buyers or sellers before any confidential information is shared. The bill also clarifies that real estate brokers or salespersons must provide specific duties and services to clients, which can be waived under a limited service agreement. Additionally, the language emphasizes the importance of written disclosures and outlines the responsibilities of agents in various agency relationships, including seller's agents, buyer's agents, and dual agents.

Key changes include the insertion of new language that specifies the need for a written agency disclosure and the duties owed to clients, while deleting outdated provisions regarding the disclosure of agency relationships. The bill also introduces a more structured format for the agency disclosure statement, ensuring that clients are fully informed of their rights and the nature of the agency relationship before engaging in a real estate transaction. Overall, the amendments aim to enhance transparency and protect the interests of clients in real estate dealings.

Statutes affected:
House Introduced Bill: 339.2517
As Passed by the House: 339.2517