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District of Columbia Official Code 2001 Edition. |
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Division VIII. General Laws. |
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Title 47. Taxation, Licensing, Permits, Assessments, and Fees. |
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Chapter 28. General License Law. |
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Subchapter I-B. Non-Health Related Occupations and Professions Licensure. |
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Part P. Duties of Real Estate Brokers, Salespersons, and Property Managers.
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Current through October 23, 2012
(a) A licensee engaged to manage real estate shall:
(1) Perform in accordance with the terms of the property management agreement;
(2) Exercise ordinary care;
(3) Disclose in a timely manner to the owner material facts of which the licensee has actual knowledge concerning the property;
(4) Maintain confidentiality of all personal and financial information received from the client during the brokerage relationship and any other information that the client requests during the brokerage relationship be maintained confidential unless otherwise provided by law or the owner consents in writing to the release of such information;
(5) Account for, in a timely manner, all money and property received in which the owner has or may have an interest; and
(6) Comply with all requirements of this section, fair housing statutes and regulations, and all other applicable statutes and regulations which are not in conflict with this section.
(b) Except as provided in the property management agreement, a licensee engaged to manage real estate does not breach any duty or obligation to the owner by representing other owners in the management of other properties.
(c) A licensee engage to manage real estate may also represent the owner as seller or landlord if he or she enters into a brokerage relationship that so provides; in which case, the licensee shall disclose such brokerage relationships pursuant to the provisions of this section.
(d) Prior to entering into any brokerage relationship provided for in this section, a licensee shall advise the prospective client of the type of brokerage relationship proposed by the broker, and the broker's compensation, and whether the broker will share such salary or compensation with another broker who may have a brokerage relationship with another party to the transaction.
(e) The brokerage relationships set forth in this section shall commence at the time that a client engages a licensee and shall continue until (1) completion of performance in accordance with the brokerage relationship; or (2) the earlier of (A) any date of expiration agreed upon by the parties as part of the brokerage relationship or in any amendments thereto; (B) any mutually agreed upon termination of the relationship; (C) a default by any party under the terms of the brokerage relationship; or (D) a termination as set forth in § 47-2853.197(4).
(Apr. 20, 1999, D.C. Law 12-261, § 1002, 46 DCR 3142.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-2853.195.
Legislative History of Laws
For legislative history of D.C. Law 12-261, see Historical and Statutory Notes following § 47-2801.
