Pennsylvania Code & Bulletin

• No statutes or acts will be found at this website.

The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 52 Pa.B. 7348 (November 26, 2022).

52 Pa. Code § 1029.12. Broker duties.

§ 1029.12. Broker duties.

 The following duties are owed by a broker to a client in the sale of rights subject to the act and may not be waived:

   (1)  Exercising reasonable professional skill and care.

   (2)  Dealing honestly and in good faith and maintain confidentiality.

   (3)  Presenting, in a reasonably practicable period of time, all offers, counteroffers, notices and communications to and from the parties in writing, unless the rights at issue are subject to an existing SA-1 and the seller has agreed in a written waiver.

   (4)  Providing advanced written disclosure in a reasonably practicable period of time of all conflicts of interest and financial interests required by this chapter.

   (5)  Advising the client to seek expert advice on matters about the sale that are beyond the broker’s expertise.

   (6)  Ensuring that all services are provided in a reasonable, professional and competent manner.

   (7)  Keeping the client informed about offers to purchase rights, the sale and tasks to be completed.

   (8)  Providing assistance with document preparation.

   (9)  Advising the client about compliance with laws and regulations pertaining to the rights at issue without rendering legal advice.

   (10)  Providing a copy of all documents prepared or maintained by the broker on behalf of the client to the client at or before the date the sale closes or otherwise immediately upon request.

No part of the information on this site may be reproduced for profit or sold for profit.

This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.