Occupations: real estate; disclosure regarding real estate agency relationship; modify. Amends sec. 2517 of 1980 PA 299 (MCL 339.2517). TIE BAR WITH: HB 5227'25, HB 5229'25
What changed between versions
Added specific definitions for 'designated agent,' 'designated agency agreement,' 'supervisory broker,' and 'transaction coordinator' to clarify roles.
Added new requirements stating that if designated agents who are affiliated licensees represent different parties, the broker and all supervisory brokers are considered disclosed consensual dual agents.
Added rules clarifying that two designated agents who are affiliated licensees may represent different parties in the same transaction without being considered dual agents, provided there is a written designated agency agreement.
Converted the text from a bill introduction format to a formal statutory enactment format, including the addition of a full agency disclosure form and a limited service agreement template.