Source: http://delcode.delaware.gov/sessionlaws/ga144/chp258.shtml
Timestamp: 2015-07-01 16:45:05
Document Index: 488321468

Matched Legal Cases: ['§ 2901', '§ 2901', '§ 2972', '§ 2978', '§ 2972', '§ 2973', '§ 2973', '§ 2973', '§ 2977', '§2979', '§2972']

CHAPTER 258 State of Delaware - Search and Services/Information
CHAPTER 258 FORMERLY
AN ACT TO AMEND TITLE 24 OF THE DELAWARE CODE RELATING TO REAL ESTATE BROKERS, SALESPERSONS AND APPRAISERS. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend § 2901(a), Title 24 of the Delaware Code, by deleting paragraphs “(3)” and “(6)” in their entirety and renumbering the remaining paragraphs accordingly.
Section 2. Amend § 2901(a), Title 24 of the Delaware Code, by deleting in paragraph “(17)” the word “principal” and substituting it with the word “party”.
Section 3. Amend § 2972(d) and § 2978(b), Title 24 of the Delaware Code, by adding the following at the end of each subsection:
“For transactions exempt from providing the CIS, the duties of the agent commence when the parties form an agency relationship.”.
Section 4. Amend § 2972, Title 24 of the Delaware Code, by inserting therein the following new subsection “(f)" to read as follows:
“(f) Transactions of properties other than those marketed as (i) one to four family residential properties, or (ii) single lot sales of land intended for a one to four family residence, are exempt from the requirement to provide the CIS to the potential parties; however, the balance of this Chapter shall still apply unless specifically exempted. In lieu of providing a CIS, the agreement of sale or lease shall include the following language after the confirmation of the agency relationships: The parties acknowledge that they have certain rights and responsibilities under Delaware agency law (Title 24 of the Delaware Code, Chapter 29) and may consult with their legal counsel.”.
Section 5. Amend § 2973(b), Title 24 of the Delaware Code, by striking paragraph “(10)” thereof in its entirety and by substituting in lieu thereof the following:
“(10) Informing the parties that notice given to the designated Broker or designated salesperson is considered notice to the client;”.
Section 6. Amend § 2973(c), Title 24 of the Delaware Code, by inserting therein the following new paragraph “(8)” as follows:
“(8) For transactions of properties other than those marketed as (i) one to four family residential properties, or (ii) single lot sales of land intended for a one to four family residence, designated agents who are not dual agents are exempt from this subsection (c); instead, a duty of confidentiality by the agent to the client shall apply after a client relationship is formed.”.
Section 7. Amend § 2973(d)(9), Title 24 of the Delaware Code, by deleting the words “owner occupied” and substituting the words “one to four family”.
Section 8. Amend § 2977, Title 24 of the Delaware Code by adding the following at the end of subsection (d):
“Notwithstanding any other provision of this Chapter, the employer of the Licensee is vicariously liable as the employer would be under the doctrine of Respondeat Superior whether the Licensee is employed by the Broker, Broker Owner, Broker of Record or Brokerage Organization as an employee or as an independent contractor.”.
Section 9. Amend §2979, Title 24 of the Delaware Code by adding the following at the end of subsection (c):
“If the Broker’s business model includes offering all of the services explained in the CIS, rather than having separate charges for distinct brokerage services, the CIS is sufficient disclosure and written authorization to undertake the activities described in subsection (b).”
Section 10. Amend §2972 by adding a new subsection (f) to read as follows:
“(f) For rental of residential property not otherwise exempt from the requirement to provide the CIS, the CIS shall be given to the potential tenant at the first scheduled appointment or showing of the property, but does not need to be signed until the potential tenant decides to complete a rental application.”