SCS/HB 866 - This act makes changes to the powers and obligations of real estate licensees who are designated as transaction brokers. The act expands the definitions of "broker relationship", "designated broker", and "subagent", and adds the definition of "designated transaction broker". Real estate licensees are allowed to be considered as transaction brokers unless they enter into a written dual agency agreement, assist other parties to the same transactions through licensed affiliates, or make a listing presentation to customers in anticipation of entering into a brokerage agreement. The act specifies that transaction brokers have no obligation to conduct an investigation for adverse material facts. This act allows designated brokers to appoint affiliated licensees as designated transactional brokers.
STEPHEN WITTE