The Consumer Notice is Not a Biding Contract
However, it a Law that requires real estate brokers and salespersons (licensees) to advise each consumers who are seeking to sell or purchase or lease real estate where the licensee is working on their behalf of the business relationships permitted by the Real Estate Licensing and Registration Act.
This notice must be provided to the consumer at the first contact where a substantive
discussion about real estate occurs unless an oral disclosure has been previously provided.
If the oral disclosure was provided, this notice must be provided at the first meeting or the first time a property is shown to the consumer by the broker or salesperson.
Before you disclose any information to a licensee, be advised that unless you select an
agency relationship the licensee is NOT REPRESENTING YOU.
A business relationship of any kind will NOT be presumed but must be established between the consumer and the licensee.
Any licensee who provides you with real estate services owes you the following duties:
1. Exercise reasonable professional skill and care which meets the practice standards required by the Act.
2. Deal honestly and in good faith.
3. Present, in a reasonably practicable period of time, all offers, counteroffers, notices and communications to and from the parties in writing. The duty to present written offers and counteroffers may be waived if the waiver is in writing.
4. Comply with Real Estate Seller Disclosure Act.
5. Account for escrow and deposit funds.
6. Disclose all conflicts of interest in a reasonably practicable period of time.
7. Provide assistance with document preparation and advise the consumer regarding compliance with laws pertaining to real estate transactions.
8. Advise the consumer to seek expert advice on matters about the transaction that are beyond the licensee’s expertise.
9. Keep the consumer informed about the transaction and the tasks to be completed.
10.Disclose financial interest in a service, such as financial, title transfer and preparation services, insurance, construction, repair or inspection, at the time service is recommended or the first time the licensee learns that the service will be used.
A licensee may have the following business relationships with the consumer:
1. Seller Agency:
2. Buyer Agency:
3. Dual Agency:
4. Transaction Licensee:
For additional more information on the subject of Buying a Home, please complete the form below and we will e-mail it to you within 24 hours.
Adopted by the State Real Estate Commission at 49 Pa. Code §35.336.
