49 Pa. Code § 35.284 - Disclosures of business relationships

(a) Disclosure to consumers seeking to sell or purchase residential or commercial real estate.

(1) Except as provided in subsection (e), a licensee shall provide the disclosure summary in § 35.336 (relating to disclosure summary for the purchase or sale of residential or commercial real estate or for the lease of residential or commercial real estate when the licensee is working on behalf of the tenant) to consumers seeking to purchase or sell real estate at the initial interview if the interview occurs in person.

(2) If the initial interview does not occur in person, the licensee shall provide the oral disclosure in § 35.339 (relating to the oral disclosure) at the initial interview and the written disclosure statement in § 35.336 no later than the earlier of:

(i) The first meeting that the licensee has in person with the consumer after the initial interview.

(ii) The time the licensee or any person working with the licensee first shows a property to the consumer.

(b) Disclosure to tenants seeking to lease residential or commercial real estate.

(1) Except as provided in subsection (e), a licensee who is working on behalf of the tenant shall provide the disclosure summary in § 35.336 as required in subsection (a).

(2) Except as provided in subsection (e), a licensee who is working on behalf of the owner shall provide the disclosure summary in § 35.337 (relating to disclosure summary for the lease of residential or commercial real estate when the licensee is working on behalf of the owner) to tenants seeking to lease residential or commercial property at the initial interview.

(c) Disclosure to consumers seeking to sell time shares. A licensee shall provide the disclosure summary in § 35.338 (relating to disclosure summary for time-share estates) to consumers seeking to purchase time-share estates at the initial interview.

(d) Signed disclosure. A licensee shall provide a copy of the signed disclosure to the consumers referenced in subsections (a)-(c) and retain the signed acknowledgment under § 35.286 (relating to retention and production of records). If a consumer refuses to sign the acknowledgment, the refusal shall be noted on the acknowledgment.

(e) Exception. The disclosures required under subsections (a) and (b) do not apply to transactions involving the sale or lease of commercial property, as defined in section 201 of the act (63 P. S. § 455.201), to consumers who are not individuals.

Notes

49 Pa. Code § 35.284

The provisions of this § 35.284 adopted February 24, 1989, effective 2/25/1989, 19 Pa.B. 781; amended June 10, 1994, effective 6/11/1994, 24 Pa.B. 2904; amended March 29, 2002, effective 3/30/2002, 32 Pa.B. 1644; amended May 18, 2007, effective 5/19/2007, 37 Pa.B. 2291.

The provisions of this § 35.284 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).