98RS HB670


Unofficial WWW Version

HB 670 (BR 2073) - R. Thomas, Ro. Adams, W. Allen, H. Anderson, J. Arnold Jr., E. Ballard, S. Baugh, L. Brandstetter, K. Bratcher, M. Brown, J. Bruce, T. Burch, Dw. Butler, J. Callahan, S. Cave, L. Clark, J. Coleman, H. Collins, B. Colter, R. Cox, B. Crall, J. Crenshaw, R. Crimm, R. Damron, B. DeWeese, D. Ford, W. Gee, D. Graham, G. Graham, J. Gray, J. Haydon, B. Heleringer, C. Hoffman, J. Hoover, S. Johns, E. Jordan, J. Lee, M. Long, P. Marcotte, A. Maricle, M. Marzian, T. McKee, C. Miller, V. Miniard Jr, R. Murgatroyd, L. Napier, F. Nesler, D. Newsome, S. Nunn, R. Palumbo, B. Polston, T. Pope, M. Rader, C. Ratliff, J. Reinhardt, J. Richards, C. Siler, D. Sims, K. Stein, J. Stewart, K. Stine, G. Stumbo, M. Treesh, T. Turner, J. Vincent, C. Walton, J. Wayne, M. Weaver, R. Wilkey, P. Worthington, B. Yonts, J. Zimmerman

     AN ACT relating to real estate.
     Create new sections of Chapter 324 that establish that a principal broker is not a dual agent if he appoints different licensees from the same firm to work with both the seller and the buyer in the same transaction; specify that there is a duty to disclose under this chapter when someone acts as a dual agent; establish that a licensee is not responsible for the wrongful acts, misrepresentations, and errors of a party to the contract the licensee did not have actual knowledge, and vice versa.


     HFA (1, J. Vincent) - Modify standard of liability applied to real estate licensees for the wrongful acts or negligence of their clients and to buyers and sellers for the wrongful acts or negligence of their real estate agent from "actual knowledge" to "known or should have known."
     SFA (1, C. Borders) - Delete provision by which a real estate licensee or a party to a transaction that is assisted by a licensee is liable for the error, omission, or misrepresentation of the other if he knew or should have known of the other's misdeeds and impose liability only where the party has actual knowledge of the misdeeds.
     SFA (2, C. Borders) - Delete section granting liability exemption to a real estate licensee and a party to a real estate transaction assisted by a licensee from a wrongful act, error, omission, or misrepresentation unless they had actual knowledge of same.

     Feb 20-introduced in House
     Feb 23-to Licensing and Occupations (H)
     Feb 25-posted in committee
     Mar 4-reported favorably, 1st reading, to Calendar
     Mar 5-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for March 6, 1998
     Mar 10-floor amendment (1) filed
     Mar 11-3rd reading, passed 93-0 with floor amendment (1)
     Mar 12-received in Senate
     Mar 13-to Licensing and Occupations (S)
     Mar 19-reported favorably, 1st reading, to Consent Calendar
     Mar 20-2nd reading, to Rules
     Mar 23-posted for passage in the Consent Orders of the Day for March 25, 1998
     Mar 24-floor amendment (1) filed
     Mar 25-floor amendment (2) filed; taken from the Consent Orders of the Day, placed in the Regular Orders of the Day
     Mar 26-3rd reading; floor amendment (1) withdrawn; passed with floor amendment (2)
     Mar 27-received in House; posted for passage for concurrence in Senate amendment
     Mar 31-House concurred in Senate floor amendment (2); passed 93-0
     Apr 1-enrolled, signed by each presiding officer, delivered to Governor
     Apr 13-signed by Governor

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