2014 Kentucky Revised Statutes CHAPTER 324 - REAL ESTATE BROKERS AND SALESMEN 324.121 Designation of licensee as exclusive agent -- Effect of designation -- Availability of dual agency.
Download as PDF
324.121 Designation of licensee as exclusive agent -- Effect of designation -Availability of dual agency.
(1)
(2)
(3)
(4)
A principal broker may designate one (1) or more affiliated licensees to act as
agent for a seller or lessor, to the exclusion of all other licensees affiliated with
the principal broker. A principal broker may designate one (1) or more affiliated
licensees to act as agent for a buyer or lessee, or prospective buyer or lessee
to the exclusion of all other licensees affiliated with the principal broker. The
designation procedure shall be made in writing and communicated to all
licensees affiliated with the principal broker. The designated agent shall inform
and obtain the consent of the buyer or lessee, or prospective buyer or lessee to
the designation. The designated agent shall inform and obtain the consent of
the seller or lessor to the designation. The principal broker shall not designate
himself or herself as a designated agent.
If a principal broker designates one (1) or more licensees to represent the
seller and one (1) or more other licensees to represent the buyer or the
prospective buyer in the same transaction, only the principal broker or a
designated manager working under the principal broker's direction shall be
deemed to be a dual agent representing the seller and buyer in a limited
fiduciary capacity. As a dual agent, the principal broker or designated manager
shall keep confidential information relating to either party in an individual file
that shall be maintained and accessed by the principal broker or designated
manager only. As a dual agent, the principal broker or designated manager
shall not disclose to either party confidential information learned relative to the
other party. Except as set forth in subsection (3) of this section, this
designation shall not affect the principal broker's or designated manager's
agency relationships in cooperative sales between consumers separately
represented by nonaffiliated principal brokers or designated managers.
No exchange of information or knowledge between or among consumers,
whether the seller, buyer, lessor, or lessee, and the principal broker, the
designated manager, the firm, or the licensees shall be imputed as a matter of
law in any real estate transaction.
Nothing in this section shall prevent a real estate brokerage firm or licensee
from entering into a dual agency relationship with consumers in a real estate
transaction.
Effective:June 25, 2009
History: Amended 2009 Ky. Acts ch. 58, sec. 14, effective June 25, 2009. -Amended 2004 Ky. Acts ch. 45, sec. 5, effective July 13, 2004. -- Amended
2000 Ky. Acts ch. 488, sec. 13, effective July 14, 2000. -- Created 1998 Ky. Acts
ch. 533, sec. 1, effective July 15, 1998.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.