transaction may be given almost equivalent treatment as a single agency. (12) ‘Dual agency’ means a form of agency in which a real estate brokerage firm with two clients in the same transaction gives limited agency services. (13) ‘Email’ means a system for sending and receiving a message electronically over a computer network and a message sent or received by the system. (14) ‘Licensee’ means an individual currently licensed under this chapter. (15) ‘Limited function referral office’ means a brokerage where the office policy allows only the placement of referrals through the brokerincharge. (16) ‘Material adverse fact’ means: (a) a condition or occurrence that is generally recognized as: (i) significantly and adversely affecting the value of the real estate; (ii) significantly reducing the structural integrity of improvements to real estate; or (iii) presenting a significant health risk to occupants of the real estate; or (b) information that indicates that a party to a transaction is not able to or does not intend to meet an obligation under a contract or agreement made concerning the transaction. (17) ‘Ministerial act’ an act performed by a licensee not involving an exercise of discretion or judgment of a licensee on behalf of a person who is not a client and that assists the nonclient to consummate a real estate transaction. (18) ‘Office’ means the office location where a brokerincharge or a property managerincharge is licensed to conduct real estate business. (19) ‘Personal trust account’ means an escrow account or demand deposit bank account properly designated and titled to include the words ‘trust’ or ‘escrow’ that is established and maintained by a licensee to safeguard funds belonging to parties to a real estate transaction when the transaction involves the licensee’s personal real estate and the real estate is not managed or listed through a real estate brokerage firm. (20) ‘Property manager’ an associated licensee who meets educational requirements and passes the examination for a property manager license, and who will for a fee, salary, commission, other valuable consideration or with the intent or expectation of receiving compensation:
forth in this chapter. The following are the permissible agency relationships a licensee may establish: (1) seller agency; (2) buyer agency; (3) disclosed dual agency; or (4) subagency. (B) The brokerincharge of a real estate brokerage company shall adopt a written company policy that identifies and describes the types of real estate brokerage agency relationships in which associated licensees may engage. The written policy shall include: (1) the company’s policy regarding cooperation with subagents or buyer agents, or both, and whether the broker offers compensation to these agents; (2) the scope of services provided to the company’s clients; (3) the scope of services provided to the company’s customers; (4) when and how associated licensees explain and disclose their agency relationships with any interested parties to a potential transaction; the explanation and disclosure shall always comply with the minimum requirements set forth in this chapter; (5) when and how an associated licensee shall explain to clients the potential for the licensee to later act as a disclosed dual agent in specific transactions, as permitted by this chapter; (6) the company’s policy on compliance with state and federal fair housing laws. (C) On reaching a written agreement to provide brokerage services for a seller of real estate, a seller’s agent shall: (1) perform the terms of the written brokerage agreement made with the seller; (2) in accordance with subsection (A), promote the interest of the seller by performing agency duties which include: (a) seeking a sale at the price and terms stated in the brokerage agreement or at a price and terms acceptable to the seller, except that the licensee is not obligated to seek additional offers to purchase unless the brokerage agreement provides otherwise while the property is subject to a contract of sale; (b) presenting in a timely manner all offers and counteroffers to and from the seller, even when the property is subject to a contract of sale; (c) disclosing to the seller all relevant concerning the transaction which are actually known to the licensee or, if acting in a reasonable manner, should have been known to the licensee, except as directed otherwise in this section;