What are the minimum services a broker must provide?
08/26/2016 | Author: Editorial Staff
When representing a client in a real estate transaction, what are the minimum services that I must provide as a real estate license holder
The Real Estate License Act contains provisions that impose requirements on all brokers representing a party regarding client communications and negotiations. A broker must ...
- inform his client if he receives material information related to the transaction, including the receipt of an offer
- answer his client’s questions and present any offers to or from his client.
These duties exist regardless of the agreed-upon compensation payable to the broker. A broker cannot avoid these requirements by removing himself from negotiations. The minimum-services provisions also prohibit a broker from negotiating or attempting to negotiate directly with the represented party.
There are certain circumstances in which a broker may deliver an offer to a represented party without violating the Real Estate License Act, but the broker must have the other broker’s consent to the delivery and send him a copy of the offer. At no time may the broker cross the boundary into negotiations with the represented party.
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