June 25, 2018: Agreement Regarding Conflict of Interest Between Clients

Posted by Super Admin on Wednesday, October 3rd, 2018 at 4:37pm.

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AGREEMENT REGARDING CONFLICT OF INTEREST BETWEEN CLIENTS

Mandatory Form required under the section 5-18 of the Real Estate Rules, effective June 15, 2018.

When the Superintendent of Real Estate rules takes effect on June 15th, you won't be able to continue representing both clients in these situations because that would amount to dual agency. However, under section 5-18 of the Rules, licensees will now have two options to manage situations where to continue acting for both clients would amount to dual agency:

(1) Refer each client to other real estate licensees to represent their interests in the transaction, or

(2) If both clients agree, continue acting for one client and stop representing the other client in this transaction. Before this can happen, both clients must read and sign the Agreement Regarding Conflict of Interest Between Clients.

 

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