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Contact Information |
CENTURY 21 Select Group Lake Harmony Office PO Box: PO BOX 309 Lake Harmony, PA, 18624
Office: (570) 722-9222
TOLL FREE (800) 336-2078 Fax: (570) 722-8820
Lic. #: RB 040536A
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Real Estate Consumer Notice |
Consumer Information Notice
THIS IS
NOT A CONTRACT
Pennsylvania Law requires real estate brokers and salespersons (licensees)
to advice consumers of the business relationships permitted by the Real
Estate Licensing and Registration Act. This notice must be provided to the consumer at the
first contact where a substantive discussion about real estate occurs.
Before you disclose any information to
a licensee, be advised that unless you select an agency relationship by
signing a written agreement providing for such a relationship, the licensee
in NOT REPRESENTING
YOU. A business
relationship of any kind will NOT be presumed but must be established
between the consumer and the licensee.
Any
licensee who provides you with real estate services owes you the following
duties:
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Exercise
reasonable professional skill and care which meets the practice standards
required by the Act.
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Deal
honestly and in good faith.
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Present,
in a timely manner, all offers, counteroffers, notices, and communications
to
and from the parties in writing. The duty to present written offers and
counter offers
may be waived if the waiver is in writing.
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Comply
with Real Estate Seller Disclosure Act.
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Account
for escrow and deposit funds.
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Disclose
all conflicts of interest in a timely manner.
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Provide
assistance with document preparation and advise the consumer regarding
compliance with laws pertaining to real estate transactions.
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Advice
the consumer to seek expert advice on matters about the transaction
that
are beyond the licensee's expertise.
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Keep the
consumer informed about the transaction and the tasks to be completed.
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Disclose
financial interest in a service, such as financial, title transfer and
preparation services. insurance, construction, repair or inspection, at the
time
service is recommended or the first time the licensee learns that the
service
will be used.
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A licensee may have the following
business relation ships with the consumer:
Seller Agency:
Seller agency is a relationship where
the licensee, upon entering into a written agreement, works only for a
seller/landlord.
Seller's agents owes the additional
duties of:
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Loyalty
to the seller/landlord by acting in the seller's/landlord's best interest.
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Confidentiality,
except that a licensee has a duty to reveal know material defects
about
the property.
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Making a
continuous and good faith effort to find a buyer for the property,
except
while the property is subject to an existing agreement
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Disclose
to other parties in the transaction that the licensee has been engaged as
a
seller's agent.
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A seller's agent may compensate other
brokers as subagents if the seller/landlord agrees in writing. Subagents have
the same duties and obligations as the seller's agent. Seller's agents may
also compensate buyer's agents and transaction licensees who do not have the
same duties and obligations as seller's agents.
If you enter into a written agreement,
the licensees in the real estate company owe you the additional duties
identified above under seller agency. The exception is designated agency. See
the designated agency section in this notice for more information.
Buyer Agency:
Buyer agency is a relationship where
the licensee, upon entering into a written agreement, works only for the
buyer/tenant.
Buyer's agents owe the additional
duties of:
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Loyalty
to the buyer/tenant by acting in the buyer's/tenant's best interest.
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Confidentiality,
except that a licensee is required to disclose know material defects
about the property.
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Making a
continuous and good faith effort to find a property for the
buyer/tenant,
except while the buyer/tenant is subject to an existing contract.
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Disclosure
to other parties in the transaction that the licensee has been
engaged
as a buyer's agent.
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A buyer's agent may be paid fees, which
may include a percentage of the purchase price, and, even if paid by the
seller/landlord, will represent the interests of the buyer/tenant.
Dual Agency:
Dual agency is a relationship where the
licensee acts as the agent for both the seller/landlord and the buyer/tenant
in the same transaction with the written consent of all parties. Dual agents
owes the additional duties of:
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Taking no
action that is adverse or detrimental to either party's interest in
the
transaction.
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Making a
continuous and good faith effort to find a buyer for the property and
a
property for the buyer, unless either are subject to an existing contract.
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Confidentiality,
except that a licensee is required to disclose know material defects
about the proper
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Designated Agency:
In designated agency, the employing
broker may, with your consent, designate one or more licensees from the real
estate company to represent you. Other licensees in the company may represent
another party and shall not be provided with any confidential information.
The designated agent(s) shall have the duties as listed above under seller
agency and buyer agency.
In designated agency, the employing
broker will be a dual agent and have the additional duties of:
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Taking
reasonable care to protect any confidential information disclosed to
the
licensee.
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Taking
responsibility to direct and supervise the business activities of the
licensees
who represent the seller and buyer while taking no action that is adverse
or
detrimental to either party's interest in the transaction.
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The designation may take place at the
time that the parties enter into a written agreement, but may occur at a
later time. Regardless of when the designation takes place, the employing
broker is responsible for ensuring that confidential information is not
disclosed.
Transaction Licensee:
A transaction licensee is a broker or
salesperson who provides communication or document preparation services or
performs other acts for which a license is required WITHOUT being the agent
or advocate for either the seller/landlord or the buyer/tenant. Upon signing
a written agreement or disclosure statement, a transaction licensee has the
additional duty of limited confidentiality in that the following information
may not be disclose:
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The
seller. landlord will accept a price less than the asking/listing price.
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The
buyer/tenant will pay a price greater that the price submitted in a written
offer.
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The
seller/landlord or buyer/tenant will agree to financing terms other than
those
offered.
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Other information deemed confidential
by the consumer shall not be provided to the transaction licensee.
OTHER INFORMATION ABOUT REAL ESTATE
TRANSACTIONS
The following are negotiable and shall
be addressed in an agreement/disclosure statement with the licensee:
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The
duration of the employment, listing agreement or contract.
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The fees
or commissions
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The scope
to the activities or practices.
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The
broker's cooperation with other brokers, including the sharing of fees.
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Any sales agreement must contain the
zoning classification of a property except in cases where the property is
zoned solely or primarily to permit single family dwellings.
A Real Estate Recovery Fund exists to
reimburse a person who has obtained civil judgment against a Pennsylvania
real estate licensee owing to fraud,
misrepresentation, or deceit in real estate transaction and who has been
unable to collect the judgment after exhausting all legal and equitable
remedies. For complete details about the Fund, call (717) 783-3658.
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