Current through Register Vol. 54, No. 50, December 14, 2024
Section 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).The provisions of this § 35.312 adopted March 29, 2002, effective 3/30/2002, 32 Pa.B. 1644.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).