339.730. Licensee as limited agent representing seller or landlord, duties--confidential information disclosure, when--licensee's duties to customer--showing alternative properties--subagent, duti - Missouri Statutes

Licensee as limited agent representing seller or landlord,duties--confidential information disclosure, when--licensee'sduties to customer--showing alternative properties--subagent,duties.

339.730. 1. A licensee representing a seller or landlord as aseller's agent or a landlord's agent shall be a limited agent with thefollowing duties and obligations:

(1) To perform the terms of the written agreement made with theclient;

(2) To exercise reasonable skill and care for the client;

(3) To promote the interests of the client with the utmost goodfaith, loyalty, and fidelity, including:

(a) Seeking a price and terms which are acceptable to the client,except that the licensee shall not be obligated to seek additional offersto purchase the property while the property is subject to a contract forsale or to seek additional offers to lease the property while the propertyis subject to a lease or letter of intent to lease;

(b) Presenting all written offers to and from the client in a timelymanner regardless of whether the property is subject to a contract for saleor lease or a letter of intent to lease;

(c) Disclosing to the client all adverse material facts actuallyknown or that should have been known by the licensee; and

(d) Advising the client to obtain expert advice as to materialmatters about which the licensee knows but the specifics of which arebeyond the expertise of the licensee;

(4) To account in a timely manner for all money and propertyreceived;

(5) To comply with all requirements of sections 339.710 to 339.860,subsection 2 of section 339.100, and any rules and regulations promulgatedpursuant to those sections; and

(6) To comply with any applicable federal, state, and local laws,rules, regulations, and ordinances, including fair housing and civil rightsstatutes and regulations.

2. A licensee acting as a seller's or landlord's agent shall notdisclose any confidential information about the client unless disclosure isrequired by statute, rule or regulation or failure to disclose theinformation would constitute a misrepresentation or unless disclosure isnecessary to defend the affiliated licensee against an action of wrongfulconduct in an administrative or judicial proceeding or before aprofessional committee. No cause of action shall arise against a licenseeacting as a seller's or landlord's agent for making any required orpermitted disclosure.

3. A licensee acting as a seller's or landlord's agent owes no dutyor obligation to a customer, except that a licensee shall disclose to anycustomer all adverse material facts actually known or that should have beenknown by the licensee. A seller's or landlord's agent owes no duty toconduct an independent inspection or discover any adverse material factsfor the benefit of the customer and owes no duty to independently verifythe accuracy or completeness of any statement made by the client or anyindependent inspector.

4. A seller's or landlord's agent may show alternative properties notowned by the client to prospective buyers or tenants and may list competingproperties for sale or lease without breaching any duty or obligation tothe client.

5. A seller or landlord may agree in writing with a seller's orlandlord's agent that other designated brokers may be retained andcompensated as subagents. Any designated broker acting as a subagent onthe seller's or landlord's behalf shall be a limited agent with theobligations and responsibilities set forth in subsections 1 to 4 of thissection.

(L. 1996 S.B. 664 § 3, A.L. 1998 H.B. 1601, et al.)

Effective 1-1-99