WILLIAM DONALD SCHAEFER, Governor                           Ch. 719

16-528.

(a)      (1) In this section the following words have the meanings indicated.

(2) "BUYER'S AGENT" MEANS A LICENSED REAL ESTATE BROKER,
LICENSED ASSOCIATE REAL ESTATE BROKER, OR LICENSED REAL ESTATE
SALESPERSON WHO ACTS FOR REPRESENTS A PROSPECTIVE BUYER OR LESSEE IN
THE ACQUISITION OF REAL ESTATE FOR SALE OR FOR LEASE.

[(2)](3) "Cooperating [licensee] AGENT" means a licensed real estate
broker, licensed associate real estate broker, or licensed real estate salesperson who:

(i) is not affiliated with or is not acting as the listing real estate broker
for a property; and

(ii) assists a prospective buyer or lessee as a subagent of the listing real
estate broker, in the acquisition of real estate for sale or for lease.

(4)      "DESIGNATED DUAL AGENT" MEANS A LICENSED ASSOCIATE REAL
ESTATE BROKER OR LICENSED REAL ESTATE SALESPERSON WHO HAS BEEN
DESIGNATED BY THE REAL ESTATE BROKER WHO THE ASSOCIATE REAL ESTATE
BROKER OR LICENSED REAL ESTATE SALESPERSON IS AFFILIATED WITH TO ACT AS
A DUAL AGENT ON BEHALF OF A SELLER OR LESSOR OR BUYER OR LESSEE IN THE
PURCHASE, SALE, OR LEASE OF REAL ESTATE THAT IS LISTED WITH THE REAL
ESTATE BROKER.

(5)      '"DUAL AGENT" MEANS A LICENSED REAL ESTATE BROKER,
LICENSED ASSOCIATE REAL ESTATE BROKER, OR LICENSED REAL ESTATE
SALESPERSON WHO ACTS AS AN AGENT FOR BOTH THE SELLER AND THE BUYER OR
THE LESSOR AND THE LESSEE IN THE SAME REAL ESTATE TRANSACTION.

[(3)](6) "[Selling licensee] SELLER'S AGENT" means a licensed real
estate broker, licensed associate real estate broker, or licensed real estate salesperson
who:

(i) is affiliated with or acts as the listing broker for real estate; and

(ii) assists a prospective buyer or lessee in the acquisition of real estate
for sale or for lease.

(b)      (1) A licensed reed estate broker, licensed associate real estate broker, or
licensed real estate salesperson LICENSEE who participates in a residential real estate
transaction as a [selling licensee] SELLER'S AGENT, BUYER'S AGENT, or as a
cooperating [licensee] AGENT shall disclose in writing that the licensee represents the
seller or lessor OR THE BUYER OR LESSEE.

(2) The disclosure shall occur [within a reasonable time after the initial]
AT NOT LATER THAN THE FIRST SCHEDULED face-to-face contact with the SELLER
OR LESSOR OR THE buyer or lessee[, but shall be prior to the signing of the initial
contract].

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