Current through Register Vol. 54, No. 45, November 9, 2024
Section 1029.13 - Disclosure of interest(a) A broker may only participate in a transaction involving rights subject to the act in which the broker has an interest after first disclosing that interest in writing to all parties concerned.(b) A broker may not represent, or purport to represent, more than one party to a sale of rights subject to the act without the written consent of all parties concerned.(c) A broker who provides financial services, insurance or mechanical repair services may not require a client to use any of these services.(d) If the client chooses to use any of the services referenced in subsection (c), the broker shall provide the client with a written disclosure of any financial interest, including a referral fee or commission that the broker may earn. The disclosure required under this paragraph shall be made at the time the broker first advises the client that an ancillary service is available or when the broker first learns that the client will be using the service.(e) A broker has a continuing obligation to disclose to a client, any conflict of interest in a reasonably practicable period of time after the broker learns or should have learned of the conflict of interest.