RULE 076.00.91-003 - 135 - Knowledge of Property Offered for Sale; 137-Handling of Funds - Maintenance of Records

RULE 076.00.91-003. 135 - Knowledge of Property Offered for Sale; 137-Handling of Funds - Maintenance of Records

135. Knowledge of property offered for sale.

A licensee shall exert reasonable efforts to ascertain those facts which are material to the value or desirability of every property for which the licensee accepts the agency so that in offering the property the licensee will be informed about its condition, and thus able to avoid intentional or negligent misrepresentation to the public concerning such property.

137. Handling of funds - Maintenance of records.

(a)

(2) A broker shall deposit all advance fees in the broker's trust account and shall disburse such funds only in the accordance with the terms of a written agreement signed by the owner of the funds. If such written agreement is not received within a reasonable time after payment of the advance fee, the fee shall be refunded to the owner.

(9/10/1991)

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