Current through Register Vol. 54, No. 45, November 9, 2024
Section 1029.10 - Broker agreements required(a) A broker shall have a written agreement with each client that clearly identifies the broker's client or clients, the scope of services to be performed and the consideration to be paid by each client upon completion of the closing on the sale as provide § 1027.12 (relating to approval process and closing on sale).(b) A broker shall confirm that a power of attorney signed by a client complies with § 1001.28 (relating to power of attorney).(c) A broker may not offer an Authority issued right for sale unless authorized in advance and in writing by the owner of the right.(d) A broker agreement that creates an exclusive listing relationship must include as a signed and notarized addendum Form BR-3 "Broker Exclusive Listing" to confirm the understanding of a broker's client or clients that an exclusive relationship exists and its term. The BR-3 may be obtained at www.philapark.org/tld. An exclusive listing may not be extended beyond the termination date in the BR-3 unless a new BR-3 is signed and dated by the client as provided in this section.(e) If a broker intends on participating in a sale of rights as an insurance broker, automobile dealer or in some other capacity in addition to that of a broker, the exact nature of the nonbroker roll, and the consideration associated with that roll, shall be disclosed in writing to the broker's client and filed with the Authority along with the BR-2. If the nonbroker roll is developed after the filing of the BR-2, the disclosure shall be made to the client and filed with the Authority immediately.