§ 35.283. Disclosure of interest.

 (a)  A licensee may not participate in a real estate transaction involving property in which he has an ownership interest unless he first discloses his interest in writing to all parties concerned.

 (b)  A licensee may not represent, or purport to represent, more than one party to a real estate transaction without the written consent of all parties concerned.

 (c)  A broker who manages rental property may not accept a commission, rebate or profit on expenditures made for the lessor without the lessor’s written consent.

 (d)  A licensee who provides financial services, title transfer and preparation, insurance, construction, repair or inspection services, may not require a consumer to use any of these services.

 (e)  If the consumer chooses to use any of the services in subsection (d), the licensee shall provide the consumer with a written disclosure of any financial interest, including, a referral fee or commission, that the licensee has in the service. This disclosure shall be made at the time the licensee first advises the consumer that an ancillary service is available or when the licensee first learns that the consumer will be using the service.

 (f)  A licensee has a continuing obligation to disclose to a principal any conflict of interest in a reasonably practicable period of time after the licensee learns or should have learned of the conflict of interest.

Authority

   The provisions of this §  35.283 issued under the Real Estate Licensing and Registration Act (63 P. S. § §  455.101—455.902); amended under sections 404, 606—606.6 and 608—608.3 of the Real Estate Licensing and Registration Act (63 P. S. § §  455.404, 455.606—455.606f and 455.608—455.608c).

Source

   The provisions of this §  35.283 adopted February 24, 1989, effective February 25, 1989, 19 Pa.B. 781; amended March 29, 2002, effective March 30, 2002, 32 Pa.B. 1644. Immediately preceding text appears at serial page (271736).

Cross References

   This section cited in 49 Pa. Code §  35.292 (relating to duties of licensees generally).



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