(a) A
licensee may not participate in a real estate transaction involving property in
which he has an ownership interest unless he first discloses his interest in
writing to all parties concerned.
(b) A licensee may not represent, or purport
to represent, more than one party to a real estate transaction without the
written consent of all parties concerned.
(c) A broker who manages rental property may
not accept a commission, rebate or profit on expenditures made for the lessor
without the lessor's written consent.
(d) A licensee who provides financial
services, title transfer and preparation, insurance, construction, repair or
inspection services, may not require a consumer to use any of these
services.
(e) If the consumer
chooses to use any of the services in subsection (d), the licensee shall
provide the consumer with a written disclosure of any financial interest,
including, a referral fee or commission, that the licensee has in the service.
This disclosure shall be made at the time the licensee first advises the
consumer that an ancillary service is available or when the licensee first
learns that the consumer will be using the service.
(f) A licensee has a continuing obligation to
disclose to a principal any conflict of interest in a reasonably practicable
period of time after the licensee learns or should have learned of the conflict
of interest.
Notes
The
provisions of this § 35.283 adopted February 24, 1989, effective
2/25/1989, 19 Pa.B. 781; amended
March 29, 2002, effective 3/30/2002, 32 Pa.B.
1644.
The provisions of this § 35.283 issued under the
Real Estate Licensing and Registration Act (63 P. S. §§
455.101-455.902); amended under
sections 404, 606-606.6 and 608-608.3 of the Real Estate Licensing and
Registration Act (63 P. S. §§
455.404,
455.606-455.606f and
455.608-455.608c).
This section cited in 49 Pa. Code §
35.292 (relating to duties of
licensees generally).
