RULE 076.00.00-003 - Regulation 10.2 - Expiration Date for Agency Agreements or Contracts; Regulation 10.10 - Agreements to be Written; Regulation 10.13 - Listing Agreements; Agency Representation Agreements; Signs

RULE 076.00.00-003. Regulation 10.2 - Expiration Date for Agency Agreements or Contracts; Regulation 10.10 - Agreements to be Written; Regulation 10.13 - Listing Agreements; Agency Representation Agreements; Signs

Regulation 10.2 Expiration Date for Agency Agreements or Contracts.

A licensee shall put a specific determinable or a specific expiration date on all written Agency agreements or contracts or any extensions thereof. (Examples: Listing and Buyer Representation Agreements or Contracts.)

Regulation 10.10 Agreements to be Written.

(b) It is strongly recommended that agency agreements or contracts be in writing. (Examples: Listing and Buyer Representation Agreements or Contracts.)

Regulation 10.13 Listing Agreements; Agency Representation Agreements; Signs.

(b) A licensee shall not knowingly enter into an agency agreement or contract when there is reason to believe that there is an existing exclusive agency agreement or contract in force without first communicating with the other principal broker who holds such agreement or contract to confirm its existence. If there is an existing exclusive agency agreement or contract in force, the licensee shall not enter into another agency agreement or contract without first notifying the client in writing to consult with an attorney regarding the risk of being liable for two (2) separate commissions. (Examples: Exclusive Listing and Exclusive Buyer Representation Agreements or Contracts, Property Management Agreements.)

(7/10/2000)

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