Maine Revised Statutes Title 32 Sec. 13283 – Transaction broker
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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.
[PL 2005, c. 378, §23 (NEW); PL 2005, c. 378, §29 (AFF).]
Terms Used In Maine Revised Statutes Title 32 Sec. 13283
- Affiliated licensee: means a licensee who is authorized to engage in brokerage activity by and on behalf of a real estate brokerage agency. See Maine Revised Statutes Title 32 Sec. 13271
- agency: means any person or entity engaged in real estate brokerage services through its designated broker, associates or employees and licensed by the commission as a real estate brokerage agency. See Maine Revised Statutes Title 32 Sec. 13171
- Appointed agent: means that affiliated licensee who is appointed by the designated broker of the affiliated licensee's real estate brokerage agency to act solely for a client of that real estate brokerage agency to the exclusion of other affiliated licensees of that real estate brokerage agency. See Maine Revised Statutes Title 32 Sec. 13271
- Client: means a person who has entered into a written brokerage agreement with a real estate brokerage agency that has agreed to represent that person and be bound by the duties set forth in section 13272 on behalf of that person. See Maine Revised Statutes Title 32 Sec. 13271
- Commission: means the Real Estate Commission. See Maine Revised Statutes Title 32 Sec. 13001
- Ministerial acts: means those acts that a real estate brokerage agency performs for a person who is not a client and that are informative or clerical in nature and do not rise to the level of active representation on behalf of the person. See Maine Revised Statutes Title 32 Sec. 13271
- Real estate: means all estates and lesser interests in land and an existing business if real estate is a part of the business. See Maine Revised Statutes Title 32 Sec. 13001
- Real estate brokerage: means a single instance of offering, attempting to conduct or conducting services on behalf of another for compensation, or with the expectation of receiving compensation, calculated to result in the transfer of an interest in real estate. See Maine Revised Statutes Title 32 Sec. 13001
- Real estate brokerage agency: means a person or entity providing real estate brokerage services through that person's designated broker, affiliated licensees, associates or employees and licensed by the commission as a real estate brokerage agency. See Maine Revised Statutes Title 32 Sec. 13271
- Transaction broker: means a real estate brokerage agency that provides real estate brokerage services to one or more parties in a real estate transaction without a fiduciary relationship as a buyer agent, a seller agent, a subagent or a disclosed dual agent. See Maine Revised Statutes Title 32 Sec. 13271
2. Responsibilities. A transaction broker shall:
A. Account in a timely manner for all money and property received; [PL 2005, c. 378, §23 (NEW); PL 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; [PL 2005, c. 378, §23 (NEW); PL 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; [PL 2005, c. 378, §23 (NEW); PL 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; [PL 2005, c. 378, §23 (NEW); PL 2005, c. 378, §29 (AFF).]
E. Treat all parties honestly and may not knowingly give false information; and [PL 2005, c. 378, §23 (NEW); PL 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. [PL 2005, c. 378, §23 (NEW); PL 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.
[PL 2005, c. 378, §23 (NEW); PL 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; [PL 2005, c. 378, §23 (NEW); PL 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 [PL 2005, c. 378, §23 (NEW); PL 2005, c. 378, §29 (AFF).]
C. Promote the interests of either party to a transaction except as required to comply with this section. [PL 2005, c. 378, §23 (NEW); PL 2005, c. 378, §29 (AFF).]
[PL 2005, c. 378, §23 (NEW); PL 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.
[PL 2005, c. 378, §23 (NEW); PL 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.
[PL 2005, c. 378, §23 (NEW); PL 2005, c. 378, §29 (AFF).]
SECTION HISTORY
PL 2005, c. 378, §23 (NEW). PL 2005, c. 378, §29 (AFF).