HB 0091 Real Estate Brokers and Salespersons
Sponsor:TREADWAY Handling House Bill:SCOTT
Committee:FINA LR Number:L0350.02P
Last Action:05/15/95 - S Inf Calendar H Bills for Third Reading
Title:HCS/HB 91
Effective Date:August 28, 1995
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Current Bill Summary

HCS/HB 91 - Under provisions of this act real estate brokers or salespersons must disclose all general duties and obligations. The duties of real estate brokers or salespersons acting as limited agents of sellers, landlords, buyers or tenants and also include: (1) carrying out the terms of the written agreement; (2) promoting the interests of the client; (3) seeking a fair price and terms acceptable to the client; (4) presenting all written offers in a timely fashion; (5) disclosing all adverse material; (6) accounting for all money in a timely manner; (7) complying with all laws, rules and regulations; and (8) acting in a confidential manner unless disclosure is required.

With written consent of all parties, the broker or salesperson may represent the buyer and seller or the landlord and tenant. Dual agents have the same duties and obligations listed previously. A dual agent is permitted to disclose certain information between clients. Certain specified information may not be disclosed.

A designated broker must enter into written agreements for brokerage services, all agreements must contain the broker's duties and responsibilities and the terms of compensation.

The act also contains provisions pertaining to misrepresentation by all parties.

The Missouri Real Estate Commission shall adopt and promulgate rules and regulations in order to implement provisions of sections 1-16 of this act.

The effective date of the act is September 1, 1996. RONALD J. LEONE