Agency disclosure required.

70-02-03-15. Agency disclosure required. In all real estate transactions the licensee is the agent of the seller unless all parties otherwise agree in writing. The agency relationship must be disclosed in writing to the parties before the signing of a written contractual agreement. The disclosure language must state at least the following information in substantially this form: 5 "I ___________________, a real estate licensee, stipulate that I am representing the ___________________ (Buyer/Seller) in this transaction. Licensee" Each licensee in the transaction shall make such a disclosure. This section applies only to transactions involving agricultural and commercial property, residential property that provides separate dwelling units for five or more families, and commercial leaseholds. Residential property that provides separate dwelling units for one through four families is subject to the agency disclosure requirement of section 70-02-03-15.1. History: Effective January 1, 1988; amended effective September 1, 1994. General Authority: NDCC 28-32-02 Law Implemented: NDCC 43-23-05