Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part LXVII - Real Estate › Subpart 1 - Real Estate › Chapter 37 - Agency Disclosure › Section LXVII-3703 - Agency Disclosure

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Licensees shall provide the agency disclosure informational pamphlet or the
				  agency disclosure form to all parties to a real estate transaction involving
				  the sale or lease of real property.
B. Licensees shall ensure that the pamphlets
				  and forms are the most current versions prescribed by the commission and that
				  reproductions of the pamphlet and form contain the identical language
				  prescribed by the commission.
C.
				  Licensees shall provide the agency disclosure informational pamphlet or the
				  agency disclosure form to prospective sellers/lessors and buyers/lessees at the
				  time when substantive contact is made between the licensee and customer, i.e.
				  any specific financial qualifications of the customer or the motives or
				  objectives in which the customer may divulge any confidential, personal or
				  financial information, which, if disclosed to the other party to the
				  transaction, could harm the party's bargaining position, when performing any
				  real estate related activity involving the sale or lease of real property,
				  other than a ministerial act as defined in
				  R.S.
				  9:3891(12).
D. Licensees providing agency disclosure
				  informational pamphlets or agency disclosure forms to prospective
				  sellers/lessors and buyers/lessees at the time when substantive contact is made
				  shall ensure that the recipient signs and dates the pamphlet or form. The
				  licensee providing the pamphlet or form shall sign as a witness to the
				  signature of the recipient, and the licensee shall retain the signed pamphlet
				  or a copy of the formfor a period of five years.
E. Licensees providing agency disclosure
				  informational pamphlets or agency disclosure forms to prospective
				  sellers/lessors and buyers/lessees by email or other form of electronic
				  transmission shall ensure that the recipient acknowledges receipt of the
				  pamphlet or form by a document verifying the time and date of receipt. The
				  licensee providing the pamphlet or form shall retain the signed pamphlet or a
				  copy of the form for a period of five years.
F. In any circumstance in which a
				  seller/lessor or a buyer/lessee refuses to sign the agency disclosure
				  informational pamphlet receipt or the agency disclosure form, or refuses to
				  provide a document verifying receipt of the pamphlet or form, the licensee
				  shall prepare written documentation that includes the nature of the proposed
				  real estate transaction, the time and date the pamphlet or form was provided to
				  the seller/lessor or buyer/lessee, and the reasons given by the seller/lessor
				  or buyer/lessee for not signing the pamphlet or form, or providing a document
				  verifying receipt of the pamphlet or form. This documentation shall be retained
				  by the licensee for a period of five years.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 37:1431 et
					 seq.