49 Pa. Code § 35.312 - Duties of seller's agent
(a) In
addition to the duties required in §
35.292 (relating to duties of
licensees generally), a seller's agent owes the additional duties of:
(1) Loyalty to the seller/landlord by acting
in the seller's/landlord's best interest.
(2) Confidentiality, except that a licensee
has a duty to reveal known material defects about the property.
(3) Making a continuous and good faith effort
to find a buyer/tenant for the property except when the property is subject to
an existing agreement of sale/lease.
(4) Disclosure to other parties in the
transaction that the licensee has been engaged as a seller's agent.
(b) A licensee does not breach a
duty to a seller/landlord by showing alternative properties to a prospective
buyer/tenant or listing competing properties.
(c) A seller's agent may compensate other
brokers as subagents if the seller/landlord agrees in writing. Subagents have
the same duties and obligations to the seller/landlord as the seller's
agent.
(d) A seller's agent may
also compensate a buyer's agent and a transaction licensee who do not have the
same duties and obligations to the seller/landlord as the seller's
agent.
(e) Upon entering into a
written agreement with the seller/landlord, each licensee employed by the
broker will act as a seller's agent unless a licensee has been named, or is
thereafter named, a designated agent under §
35.315 (relating to designated
agency).
Notes
The provisions of this § 35.312 issued under sections 404, 606-606.6 and 608-608.3 of the Real Estate Licensing and Registration Act (63 P. S. §§ 455.404, 455.606-455.606f and 455.608-455.608c).
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