Section 24.13. Drafting and submission of written proposals.

 

(1)   Refusal prohibited. Licensees shall not refuse to draft or submit any written proposal unless the terms of the written proposal would be contrary to specific instructions of the other party.

(2)   Withholding written proposals prohibited.

(a) Listing brokers shall permit access to listed property for showing purposes, to all buyers and persons assisting or advising buyers, without unreasonable delay, unless the buyer's or other person's access is contrary to specific written instructions of the seller.

(b) Licensees shall promptly present all written proposals received to the licensee's client or customer. Licensees shall not withhold any written proposal from presentation pending the party's action on a written proposal previously presented.

(3)   Fair presentation of written proposals.

(a) Licensees shall present all written proposals in an objective and unbiased manner to their clients and customers. Licensees shall inform their clients and customers of the advantages and disadvantages of all submitted written proposals.

(b) A listing broker or the listing broker's employee may not submit his or her own offer to purchase a property which the broker has listed if the broker or broker's employee has knowledge of the terms of any pending offer, except that a broker may arrange for a guaranteed sale at the time of listing.

(4)   Notification of action on written proposal. Licensees shall promptly inform their clients and customers whether the other party has accepted, rejected, or countered their written proposal. A licensee shall immediately provide a written statement to the other party's broker that includes the date and time when the written proposal was presented when such a statement is requested by the other party or the other party's broker. A licensee shall immediately provide a written statement to the other party's broker that includes the date and time when the written proposal was rejected or had expired without acceptance when such a statement is requested by the other party or the other party's broker.

(5)   Negotiation through broker. A licensee may not negotiate a sale or lease of real estate directly with a party if the licensee knows that the party has an unexpired written contract in connection with the real estate which grants to another licensee an exclusive right to sell, lease, or negotiate. All negotiations shall be conducted with the broker holding the exclusive right to sell, lease, or negotiate, and not with the party, except with the consent of the broker or where the absence of the broker, or other similar circumstances, reasonably compels direct negotiation with the party. A listing broker has no duty to investigate whether a buyer has granted a buyer's agent an exclusive right to negotiate.

History: Cr. Register, February, 1980, No. 290 , eff. 3-1-80; cr. (5), Register, March, 1981, No. 303 , eff. 4-1-81; renum. from REB 15.13, Register, February, 1983, No. 326 , eff. 3-1-83; renum. (3) to be (3) (a), cr. (3) (b), am. (4), Register, January, 1987, No. 373 , eff. 2-1-87; am. (3) (a), Register, June, 1988, No. 390 , eff. 7-1-88; am. (3) (b), r. and recr. (2), Register, July, 1993, No. 451 , eff. 8-1-93; am. (3) (b) and (5), Register, January, 2001, No. 541 , eff. 2-1-01; CR 10-136 : am. (title), (1), (2) (title), (b), (3) (title), (a), (4), (5) Register April 2012 No. 676 , eff. 7-1-12.

Note

The Department of Safety and Professional Services' approved form, WB-36, does not grant the buyer's agent an exclusive right to negotiate. Microsoft Windows NT 6.1.7601 Service Pack 1