36-21A-136. Duties and obligations of licensee representing buyer or tenant. Any licensee representing a buyer or tenant has the following duties and obligations:
(1) To perform the terms of any written agreement made with the client;
(2) To exercise reasonable skill and care for the client;
(3) To promote the interest of the client with the utmost good faith, loyalty, and fidelity, including:
(a) Seeking a price and terms which are acceptable to the client. However, the licensee is not obligated to seek other properties while the client is a party to a contract to purchase property or to a lease or letter of intent to lease;
(b) Presenting all written offers to and from the client in a timely manner regardless of whether the client is already a party to a contract to purchase property or is already a party to a contract or a letter of intent to lease;
(c) Disclosing to the client adverse material facts known by the licensee; and
(d) Advising the client to obtain expert advice as to material matters about which the licensee knows but the specifics of which are beyond the expertise of the licensee;
(4) To account in a timely manner for all money and property received; and
(5) To comply with any applicable federal, state, and local laws, rules, regulations, and ordinances, including fair housing and civil rights statutes or regulations.Source: SL 1998, ch 229, § 13.
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