Transaction Broker
Maine Revised Statutes
Title 32:
PROFESSIONS AND OCCUPATIONS
Chapter 114: REAL ESTATE BROKERAGE LICENSE
ACT HEADING: PL 1987, C. 769, PT. A, §125 (RPR)
Subchapter 7: REAL ESTATE BROKERAGE
RELATIONSHIPS HEADING: PL 1993, C. 679, §1
(NEW);
2005, C. 378, §12 (RPR)
§13283. Transaction broker
1. Not an agent.
A transaction broker
does not represent any party as a
client to a real estate transaction and is not
bound by the duties set forth in
section 13272.
[ 2005, c. 378, §23 (NEW); 2005, c. 378, §29 (AFF)
.]
2. Responsibilities.
A transaction broker
shall:
A. Account in a timely manner for all money and
property received;
[2005, c. 378, §23 (NEW); 2005, c. 378, §29
(AFF).]
B. Disclose in a timely manner to a buyer to a
transaction all material
defects pertaining to the physical condition of
the property of which the
transaction broker has actual notice or
knowledge; [2005, c.
378,
§23 (NEW); 2005, c. 378, §29 (AFF).]
C. Comply with all requirements of the laws
governing real estate
commission brokerage licenses and any rules
adopted by the
commission;
[2005, c. 378, §23 (NEW);
2005, c. 378, §29
(AFF).]
D. Comply with any applicable federal, state or
local laws, rules,
regulations or ordinances related to real estate
brokerage, including fair
housing and civil rights laws or regulations;
[2005, c. 378, §23
(NEW); 2005, c. 378, §29 (AFF).]
E. Treat all parties honestly and may not
knowingly give false
information; and
[2005, c. 378, §23 (NEW);
2005, c. 378, §29
(AFF).]
F. Perform such ministerial acts as may be
agreed upon between the
transaction broker and one or more parties to a
real estate transaction.
[2005, c. 378, §23 (NEW); 2005, c. 378, §29
(AFF).]
A transaction broker is not liable for providing
false information if the false
information was provided to the transaction
broker and the transaction
broker did not know that the information was
false. A transaction broker is
not obligated to discover latent defects in the
property. A cause of action
does not arise on behalf of any person against a
transaction broker who
reveals information or makes disclosures
permitted or required by this
subchapter.
[ 2005, c. 378, §23 (NEW); 2005, c. 378, §29
(AFF) .]
3. Prohibited acts.
A transaction broker may
not:
A. Conduct an inspection, investigation or
analysis of a property for the
benefit of any party;
[2005, c. 378, §23 (NEW);
2005, c. 378,
§29 (AFF).]
B. Verify the accuracy or completeness of oral
or written statements
made by the seller or buyer or any 3rd party; or
[2005, c. 378, §23
(NEW); 2005, c. 378, §29 (AFF).]
C. Promote the interests of either party to a
transaction except as
required to comply with this section.
[2005, c. 378, §23 (NEW);
2005, c. 378, §29 (AFF).]
[ 2005, c. 378, §23 (NEW); 2005, c. 378, §29
(AFF) .]
4. No vicarious liability.
A party to a real estate
transaction is not
vicariously liable for the acts or omissions of
a transaction broker.
[ 2005, c. 378, §23 (NEW); 2005, c. 378, §29
(AFF) .]
5. Actual knowledge; information.
In a situation in which
one
affiliated licensee acting as an appointed agent
of a real estate brokerage
agency represents a party to a real estate
transaction as the real estate
brokerage agency's client and another affiliated
licensee of the same real
estate brokerage agency is acting as a
transaction broker for another party to
the transaction, the real estate brokerage
agency and its affiliated licensees
are considered to possess only actual knowledge
and information. There is
no imputation of knowledge or information by
operation of law among or
between the parties, the real estate brokerage
agency or its affiliated
licensees.
[ 2005, c. 378, §23 (NEW); 2005, c. 378, §29 (AFF)
.]
SECTION HISTORY
2005, c. 378, §23 (NEW). 2005, c. 378, §29 (AFF).
Data for this page extracted on 08/13/2010
08:13:27.
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or interpretation
of Maine law to the public.
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Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
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