Kansas Statutes 58-30,104. Termination of relationships
Terms Used In Kansas Statutes 58-30,104
- Agency: means every relationship in which a broker acts for or represents another, by the latter's express written authority, in a real estate transaction. See Kansas Statutes 58-30,102
- Agency agreement: means a written agreement setting forth the terms and conditions of the relationship between a broker and the broker's client. See Kansas Statutes 58-30,102
- Broker: means an individual, other than a salesperson, who advertises or represents that such individual engages in the business of buying, selling, exchanging or leasing real estate or who, for compensation, engages in any of the following activities as an employee of, or on behalf of, the owner, purchaser, lessor or lessee of real estate:
(1) Sells, exchanges, purchases or leases real estate. See Kansas Statutes 58-3035
- Client: means a seller, landlord, buyer or tenant who has an agency with a broker. See Kansas Statutes 58-30,102
- Confidential information: means information made confidential by statute, rule, regulation or instructions from the client or personal information about the client which might place the other party at an advantage over the client unless the information is made public or becomes public by the words or conduct of the client to whom the information pertains or from a source other than the licensee. See Kansas Statutes 58-30,102
- Property: includes personal and real property. See Kansas Statutes 77-201
- Transaction broker: means a broker who assists one or more parties with a real estate transaction without being an agent or advocate for the interests of any party to such transaction. See Kansas Statutes 58-30,102
(a) (1) The agency relationships set forth in Kan. Stat. Ann. § 58-30,103, and amendments thereto, shall commence at the time that the client engages the broker, and shall continue until:
(A) A transaction is closed according to the agreement of the parties; or
(B) if a transaction is not closed according to the agreement of the parties, the earlier of:
(i) Any date of expiration agreed upon by the parties in the agency agreement or in any amendments thereto; or
(ii) any authorized termination of the relationship.
(2) Except as otherwise agreed in writing, a broker owes no further duties to the client after termination, expiration, or the closing of a transaction according to the agreement of the parties, except:
(A) To account for all moneys and property relating to the engagement; and
(B) to keep confidential all confidential information received during the course of the engagement unless:
(i) The client permits the disclosure by subsequent word or conduct;
(ii) such disclosure is required by law; or
(iii) the information becomes public from a source other than the broker.
(b) (1) The relationship between a transaction broker and a seller, landlord, buyer or tenant shall terminate when:
(A) A transaction is closed according to the agreement of the parties; or
(B) if a transaction is not closed according to the agreement of the parties, the earlier of:
(i) Any date of expiration agreed upon by the parties; or
(ii) any authorized termination of the relationship.
(2) Except as otherwise agreed in writing, a transaction broker owes no further duties to any party to the transaction after termination, expiration or the closing of a transaction according to the agreement of the parties, except:
(A) To account for all moneys and property relating to the engagement; and
(B) to keep confidential all information received during the course of the engagement which was made confidential by request of any party to the transaction, unless:
(i) The party permits the disclosure by subsequent word or conduct;
(ii) such disclosure is required by law; or
(iii) the information becomes public from a source other than the transaction broker.