LD 1525
pg. 13
Page 12 of 14 An Act To Amend the Real Estate Brokerage Laws Page 14 of 14
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LR 2133
Item 1

 
the property of which the transaction broker has actual notice
or knowledge;

 
C.__Comply with all requirements of the laws governing real
estate commission brokerage licenses and any rules adopted
by the commission;

 
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;

 
E.__Treat all parties honestly and may not knowingly give
false information; and

 
F.__Perform such ministerial acts as may be agreed upon
between the transaction broker and one or more parties to a
real estate transaction.

 
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.

 
3.__Prohibited acts.__A transaction broker may not:

 
A.__Conduct an inspection, investigation or analysis of a
property for the benefit of any party;

 
B.__Verify the accuracy or completeness of oral or written
statements made by the seller or buyer or any 3rd party; or

 
C.__Promote the interests of either party to a transaction
except as required to comply with this section.

 
4.__No vicarious liability.__A party to a real estate
transaction is not vicariously liable for the acts or omissions
of a transaction broker.

 
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


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