Introduced
by
To prohibit real estate brokers who have entered an "exclusive agency" listing agreement with a seller from accepting a commission unless the broker offers the traditional "full range" of services, including accepting and presenting all offers and counteroffers, and providing various types of assistance required to finalize a transaction. However, a seller could waive most of these services by entering a limited service agreement. An exclusive agency agreement prohibits a seller from paying a commission to anyone except the broker, thereby assuring the broker that he will profit from his sales efforts. (A broker can share the commission with other brokers if the agreement specifies this.) The bill would allow brokers to provide "unbundled" services (including certain internet-based marketing services) less than the full range of traditional services if the seller explicitly waives particular services.
Referred to the Committee on Regulatory Reform
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises various details, but does not change its substance. This version was subsequently superseded by another substitute with more changes.
The substitute failed by voice vote
Substitute offered
by
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described`.
The substitute passed by voice vote
Amendment offered
by
To only impose the requirement that a broker provide a complete closing statement on brokers who are actually involved in the closing.
The amendment passed by voice vote
Passed in the House 103 to 3 (details)
To prohibit real estate brokers who have entered an "exclusive agency" listing agreement with a seller from accepting a commission unless the broker offers the traditional "full range" of services, including accepting and presenting all offers and counteroffers, and providing various types of assistance required to finalize a transaction. However, a seller could waive most of these services by entering a limited service agreement. The bill would allow brokers to provide "unbundled" services (including certain internet-based marketing services) less than the full range of traditional services if the seller explicitly waives particular services.
Referred to the Committee on Economic Development and Regulatory Reform
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 38 to 0 (details)
To prohibit real estate brokers who have entered an "exclusive agency" listing agreement with a seller from accepting a commission unless the broker offers the traditional "full range" of services, including accepting and presenting all offers and counteroffers, and providing various types of assistance required to finalize a transaction. However, a seller could waive most of these services by entering a limited service agreement. The bill would allow brokers to provide "unbundled" services (including certain internet-based marketing services) less than the full range of traditional services if the seller explicitly waives particular services.
