HF 1112 Summary

• Allows "designated agency" representation in real estate transactions where the same brokerage represents both buyer and seller through separate designated agents who exclusively represent their respective clients.

• Defines fiduciary duties for brokers and salespersons including loyalty, obedience, disclosure, confidentiality, reasonable care, and accounting.

• Requires brokers to obtain signed listing agreements and buyer broker agreements that include disclosures about dual agency and designated agency options, with specific notice requirements in at least 10-point boldface type.

• Establishes that supervising brokers in designated agency transactions must maintain a neutral position when advising and supervising the designated buyer's agent and designated listing agent.

• Prohibits supervising brokers from acting as designated agents for one party if they supervise the agent representing the other party in the transaction; effective January 1, 2020.