CT SB00029

Requires exclusive representation agreements between real estate brokers or salespersons and prospective purchasers or lessees to include a conspicuous disclosure of the exclusivity provision.

Mandates that written agreements fixing real estate broker compensation include a notice in at least 10-point boldface type stating that broker compensation is not fixed by law and is negotiable.

Specifies the required notice language: "NOTICE: THE AMOUNT OR RATE OF REAL ESTATE BROKER COMPENSATION IS NOT FIXED BY LAW. IT IS SET BY EACH BROKER INDIVIDUALLY AND MAY BE NEGOTIABLE BETWEEN YOU AND THE BROKER."

Becomes effective October 1, 2015.