The Kansas Brokerage Relationships in Real Estate Transactions Act (referred to as BRRETA II) became effective on October 1, 1997.
Kansas law requires real estate licensees to provide the BRRETA brochure about brokerage relationships to prospective sellers and buyers at the first practical opportunity. See K.S.A. 58-30,110 and K.A.R. 86-3-26 for more information.
The following summary describes a seller's agent, a buyer's agent, and a transaction broker.
SELLER'S AGENT
The seller's agent represents the seller only, so the buyer may be either unrepresented or represented by another agent.
The seller's agent is responsible for performing the following duties:
The seller's agent has no duty to:
BUYER'S AGENT
The buyer's agent represents the buyer only, so the seller may be either unrepresented or represented by another agent.
The buyer's agent is responsible for performing the following duties:
The buyer's agent has no duty to:
TRANSACTION BROKER
The transaction broker is not an agent for either party, so the
transaction broker does not advocate the interests of either party.
The transaction broker is responsible for performing the following duties:
The transaction broker protects the confidences of both parties.
If the transaction is the sale of one to four residential units or the sale of agricultural real estate, the following information shall not be disclosed by a transaction broker without the consent of all parties:
If the transaction is the sale or lease of commercial property or residential property of more than four units, the transaction broker shall not disclose any information or personal confidences about a party to the transaction which might place the other party at an advantage unless failure to disclose such information would constitute fraudulent misrepresentation. The transaction broker may disclose the following information unless prohibited by the parties:
The transaction broker has no duty to:
Do not assume that an agent is acting on your behalf, unless you have signed a contract with the agent's firm to represent you. If you have not entered into a written agency agreement, you are considered to be a customer rather than a client. As a customer, you represent yourself. Any information that you, the customer, disclose to the agent representing another party will be disclosed to that other party. Even though licensees may be representing other parties, they are obligated to treat you honestly, give you accurate information, and disclose all known adverse material facts.
Yes, but only when dealing with commercial property and under a written broker cooperation agreement with a Kansas broker. See K.S.A. 58-3077 for all requirements.