CONSUMER NOTICE THIS IS NOT A CONTRACT Pennsylvania Law requires real estate brokers and salespersons (licensees) to advise 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 is 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: Exercise reasonable professional skill and care which meets the practice standards required by the Act Deal honestly and in good faith 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 counteroffers may be waived if the waiver is in writing. Comply with the Real Estate disclosure Act. Account for escrow and deposit funds. Disclose all conflicts of interest in a timely manner. Provide assistance with document preparation and advise the consumer regarding the compliance with laws pertaining to real estate transactions. Advise consumer to seek expert advice on matters about the transaction that are beyond the licensees' expertise. Keep the consumer informed about the transaction and the tasks to be completed. Disclose financial interest in a service, such as financial, title transfer and preparation services, insurance, construction, repair or inspection, at the time the service is recommended or the first time the licensee learns that the service will be used. A licensee may have the following business relationships 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 owe the additional duties of: Loyalty to the seller/landlord by acting in the seller's/landlord's best interest. Confidentiality, except that a licensee has a duty to reveal known material defects about the property. Making a continuous and good faith effort to find a buyer for the property, except while the property is subject to an existing agreement. Disclosure to other parties in the transaction that the licensee has been as a seller's agent. 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 the 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 the relationship where the licensee, upon entering into a written agreement, works only for the buyer/tenant. Buyer agents owe the additional duties of: Loyalty tto the buyer/tenant by acting in the buyer's/tenant's best interests. Confidentiality, except that a licensee is required to disclose known material defects about the property. Making a continuous and good faith effort to find the buyer/tenant, except while the buyer/tenant is subject to an existing contract. Disclosure to other parties in the transaction that the licensee has been as a buyer's agent. If you enter into a written agreement, the licensees in the real estate company owe you the additional duties identified above under buyer agency. The exception is designated agency. See the designated agency section in this notice for more information. 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 owe the additional duties of: Taking no action that is adverse or detrimental to either party's interest in the transaction. Making a continuous and good faith effort to find a buyer for the property and a property for the buyer, unless either is subject to an existing contract. Confidentiality, except that a licensee is required to disclose known material defects about the property. 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: Taking reasonable care to protect any confidential information disclosed to the licensee. 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. 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 documentation 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 disclosed: The seller/landlord will accept a price less than the asking/listing price. The buyer/tenant will pay a price greater than the price submitted in a written offer. The seller/landlord or buyer/tenant will agree to financing terms other than those offered. OTHER INFORMATION ABOUT REAL ESTATE TRANSACTIONS The following are negotiable and shall be addressed in an agreement/disclosure statement with the licensee: The duration of the employment, listing agreement with the licensee. The fees or commissions. The scope of the activities or practices. The broker's cooperation with other brokers, including the sharing of fees. Any sales agreement must contain the zoning classification of a property except in cases where a property is zoned solely or primarily to permit single-family dwellings. A Real Estate Recovery Fund exists to reimburse any person who has obtained a final civil judgment against a Pennsylvania real estate licensee owing to fraud, misrepresentation, or deceit in a 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. Adopted by State Real Estate Commission at 49 PA section 1516 HOME | Services | Listings | Contact Us | Links 5807 Kennett Pike | Centreville, Delaware 19807 | 302.656.8108 © 2001 WITSIL, Realtors.