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Pennsylvania Real Estate Consumer Notice

CONSUMER NOTICE THIS IS NOT A CONTRACT Pennsylvania Law requires real estate brokers and salespersons (licensees) to advise consumers of the business relationships permitted by the Real Estate Licensing and Registration Act. This notice must be provided to the consumer at the first contact where a substantive discussion about real estate occurs. Before you disclose any information to a licensee, be advised that unless you select an agency relationship by signing a written agreement providing for such a relationship, the licensee is NOT REPRESENTING YOU. A business relationship of any kind will NOT be presumed but must be established between the consumer and the licensee. Any licensee who provides you with real estate services owes you the following duties: • Exercise reasonable professional skill and care which meets the practice standards required by the Act. • Deal honestly and in good faith. • Present, in a timely manner, all offers, counter offers, notices, and communications to and from the par-ties in writing. The duty to present written offers and counteroffers may be waived if the waiver is in writing. • Comply with Real Estate Seller Disclosure Act. • Account for escrow and deposit funds. • Disclose all conflicts of interest in a timely manner. • Provide assistance with document preparation and advise the consumer regarding compliance with laws pertaining to real estate transactions. • Advise the consumer to seek expert advice on matters about the transaction that are beyond the licensee's expertise. • Keep the consumer informed about the transaction and the tasks to be completed. • Disclose financial interest in a service, such as financial, title transfer and preparation services, insurance, construction, repair or inspection, at the time service is recommended or the first time the licensee learns that the service will be used. A licensee may have the following business relationships with the consumer: Seller Agency: Seller agency is a relationship where the licensee, upon entering into a written agreement, works only for a seller/ landlord. Seller's agents owe the additional duties of: . Loyalty to the seller/landlord by acting in the seller's/landlord's best interest. . Confidentiality, except that a licensee has a duty to reveal known material defects about the property. . Making a continuous and goodfaith effort to find a buyer for the property, except while the property is subject to an existing agreement. . Disclosure to other parties in the transaction that the licensee has been engaged as a seller's agent. A seller's agent may compensate other brokers as subagents if the seller/landlord agrees in writing. Subagents have the same duties and obligations as the seller's agent. Seller's agents may also compensate buyer's agents and transaction licensees who do not have the same duties and obligations as seller's agents. If you enter into a written agreement, the licensees in the real estate company owe you the additional duties identified above under seller agency. The exception is designated agency. See the designated agency section in this notice for more information. Buyer Agency: Buyer agency is a relationship where the licensee, upon entering into a written agreement, works only for the buyer/tenant. Buyer's agents owe the additional duties of: . Loyalty to the buyer/tenant by acting in the buyer's/tenant's best interest. . Confidentiality, except that a licensee is required to disclose known material defects about the property. . Making a continuous and good faith effort to find a property for the buyer/tenant, except while the buyer/tenant is subject to an existing contract. . Disclosure to other parties in the transaction that the licensee has been engaged as a buyer's agent. A buyer's agent may be paid fees, which may include a percentage of the purchase price, and, even if paid by the seller/landlord, will represent the interests of the buyer/tenant. If you enter into a written agreement, the licensees in the real estate company owe you the additional duties identified above under buyer agency. The exception is designated agency. See the designated agency section in this notice for more information. Dual Agency: Dual agency is a relationship where the licensee acts as the agent for both the seller/landlord and the buyer/tenant in the same transaction with the written consent of all parties. Dual agents owe the additional duties of: Taking no action that is adverse or detrimental to either party's interest in the transaction. Making a continuous and good faith effort to find a buyer for the property and a property for the buyer, unless either are subject to an existing contract. Confidentiality, except that a licensee is required to disclose known material defects about the property. Designated Agency: In designated agency, the employing broker may, with your consent, designate one or more licensees from the real estate company to represent you. Other licensees in the company may represent another party and shall not be provided with any confidential information. The designated agent(s) shall have the duties as listed above under seller agency and buyer agency. In designated agency, the employing broker will be a dual agent and have the additional duties of. Taking reasonable care to protect any confidential information disclosed to the licensee. Taking responsibility to direct and supervise the business activities of the licensees who represent the seller and buyer while taking no action that is adverse or detrimental to either party's interest in the transaction. The designation may take place at the time that the parties enter into a written agreement, but may occur at a later time. Regardless of when the designation takes place, the employing broker is responsible for ensuring that confidential information is not disclosed. Transaction Licensee: A transaction licensee is a broker or salesperson who provides communication or document preparation services or performs other acts for which a license is required WITHOUT being the agent or advocate for either the seller/landlord or the buyer/tenant. Upon signing a written agreement or disclosure statement, a transaction licensee has the additional duty of limited confidentiality in that the following information may not be disclosed: The seller/landlord will accept a price less than the asking/listing price. The buyer/tenant will pay a price greater than the price submitted in a written offer. The seller/landlord or buyer/tenant will agree to financing terms other than those offered. Other information deemed confidential by the consumer shall not be provided to the transaction licensee. OTHER INFORMATION ABOUT REAL ESTATE TRANSACTIONS The following are negotiable and shall be addressed in an agreement/disclosure statement with the licensee: The duration of the employment, listing agreement or contract. The fees or commissions. The scope of the activities or practices. The broker's cooperation with other brokers, including the sharing of fees. Any sales agreement must contain the zoning classification of a property except in cases where the property is zoned solely or primarily to permit single family dwellings. Real Estate Recovery Fund exists to reimburse any person who has obtained a final civil judgment against a Pennsylvania real estate licensee owing to fraud, misrepresentation, or deceit in a real estate transaction and who has been unable to collect the judgment after exhausting all legal and equitable remedies. For complete details about the Fund, call (717) 783-3658. ACKNOWLEDGMENT I acknowledge that I have received this disclosure DATE: ________________ ____________________________________ . . . . . . . .___________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Print (Consumer) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Print (Consumer) . . . . . . . . . . . . . . . .. . . . . . . . . . ._____________________________________ . . . . . . ___________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signed (Consumer) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Signed (Consumer) _____________________________________ ___________________________________ Address (Optional) _____________________________________ ___________________________________ Phone Number (Optional) ____________________________________________________________________________________________________


I CERTIFY that I have provided this document to the above consumer during the initial interview DATE: ________________ ___________________________________________________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Print Licensee) __________________________________________________________________________ Signed (Licensee) Adopted by the State Real Estate Commission at 49 Pa. Code§35.336.


PAR FORM BR BUSINESS RELATIONSHIP AGREEMENT BETWEEN BROKER AND BUYER This form recommended and approved for, but not restricted to use by, members of the Pennsylvania Association of REALTORSâ (PAR). BROKER (Company) USA Realty _____________________________________________________________________________ Note: The terms "buyer," "seller," and "buy" will also be construed to mean "tenant," "landlord," and "rent," respectively, throughout this agreement. BUSINESS RELATIONSHIP AS DESCRIBED IN THE CONSUMER NOTICE Buyer and Broker agree to the following business relationship as allowed by Broker’s Company policy: SELLER AGENT (for properties listed with Broker)/SUBAGENT FOR SELLER (for properties listed with other companies). TRANSACTION LICENSEE (for properties not listed with Broker; however, if property is listed under an agency contract with Broker, Broker is a Seller’s Agent). BUYER AGENT (for properties listed with Broker and other companies, and for properties not listed with any broker) Broker will be Buyer’s Agent under the terms agreed to in the Buyer Agency Contract below. _______________________________________________________________________________________________ BUYER AGENCY CONTRACT 1. TERM This Contract applies to any property that Buyer chooses to buy during the term of this Contract. Starting Date: This Contract starts when signed by Buyer and Broker, unless otherwise stated here: . Ending Date: This Contract ends . (A) If Buyer is negotiating or has entered an Agreement of Sale, this Contract ends upon settlement. (B) If Buyer is negotiating or has signed a lease, this Contract ends upon possession. 2. BROKER'S FEE (A) It is Broker’s policy to accept compensation offered by the listing broker and/or the seller. Broker may be paid a fee that is a percentage of the purchase price (or in the case of a lease, a percentage of the total amount of rent due over the term of the lease). Even though Broker’s Fee may be paid by a seller or listing broker, Broker will continue to represent the interests of Buyer. Special Instructions: (B) If the amount received in paragraph 2(A) is less than , then Buyer will pay Broker the difference. (C) 1. Broker’s Fee is earned if Buyer enters into a sale or lease agreement during the term of this Contract, whether brought about by Broker, Broker’s agents or by any other person, including Buyer. 2. If the Buyer enters into a sale/lease agreement for a property after the Ending Date of this Contract, Buyer will pay Broker’s Fee: (a) if the sale/lease is a result of Broker’s actions during the term of this Contract, OR (b) if the property was seen during the term of this Contract. 3. DUAL AGENCY Buyer agrees that Broker may also represent the seller of the property that Buyer might buy. The Broker is a DUAL AGENT when representing both the seller and the buyer in the sale of a property. Designated Agency: Not Applicable. Applicable. Broker, as the Dual Agent, may designate licensees to represent the separate interests of Buyer and the seller. Licensee (identified above) is the Designated Agent, who will act exclusively as the Buyer Agent. If Licensee is also the Seller Agent, then Licensee is a DUAL AGENT. 4. TRANSFER OF THIS CONTRACT Buyer agrees that Broker may transfer this Contract to another Broker. Broker will notify Buyer immediately in writing if Broker transfers this Contract to another Broker. _________________________________________________________________________________________________ Buyer has read the Notices to Buyers in this Agreement and the Consumer Notice as adopted by the State Real Estate Commission at 49 Pa. Code §35.336. All Buyers must sign this Business Relationship Agreement. ENTIRE AGREEMENT This is the entire Agreement between Broker and Buyer. Any verbal or written agreements that were made before are not a part of this Agreement. Any changes or additions to this Agreement must be in writing and signed by Broker and Buyer. NOTICE BEFORE SIGNING: IF BUYER HAS LEGAL QUESTIONS, BUYER IS ADVISED TO CONSULT AN ATTORNEY. BUYER DATE_______________________ Name (print) ____________________________ Mailing Address _________________________________ Home Phone __________________________ Work Phone ______________________ FAX# __________________ E-Mail _______________________________ BROKER (Company Name) ACCEPTED BY __________________________________________________ DATE ______________________ Mailing Address 1250 North 9th Street Stroudsburg, PA 18360 Phone #s (570) 424-6611 FAX# (570) 424-6978 E-Mail coldwell@pev.com NOTICES TO BUYERS The following Notices apply to buyers working with Buyer’s Agents, Seller’s Agents or Subagents for Seller, or Transaction Licensees. Buyer acknowledges that Buyer has received and understands the business relationships described in the Consumer Notice adopted by the Pennsylvania State Real Estate Commission at 49 Pa. Code §35.336. The duties, definitions of business relationships, and statements identifying cooperation with other brokers, possibilities of dual agency and designated agency stated therein, are incorporated here as part of this disclosure as though written here in their entirety. An agency relationship between Broker and Buyer cannot be presumed. Buyer has the right to be represented by a broker (agency relationship) and may do so by electing "Buyer Agent" and agreeing with Broker to the terms of the relationship. In this case, the broker may designate one or more licensees to represent the separate interests of the parties. The terms and length of the business relationship, the fees, and the range of services that Broker will provide are determined as a result of negotiations between Broker and Buyer and have not been set or recommended by any association of REALTORSâ . SERVICES TO SELLER Broker may provide services to a seller for which Broker may accept a fee. Such services may include, but are not limited to, listing fees; deed/document preparation; ordering certifications required for closing; financial services; title transfer and preparation services; ordering insurance, construction, repair, or inspection services. Broker will disclose to Buyer if any fees are to be paid by the seller. OTHER BUYERS Licensee may show or present the same properties to other buyers. CONFLICT OF INTEREST A conflict of interest is when Broker or Licensee has financial or personal interest in the property where Broker or Licensee cannot put Buyer’s interest before any other. If Broker, or any of Broker’s licensees, has a conflict of interest, Broker will notify Buyer in a timely manner. DEPOSIT MONEY (A) Broker will keep (or will give to the listing broker, who will keep) all deposit monies that Broker/Licensee receives in an escrow account as required by real estate licensing laws and regulations. Buyer agrees that Broker may wait to deposit any uncashed check that is received as deposit money until Buyer’s offer has been accepted. If Buyer joins Broker/Licensee in a lawsuit for the return of deposit monies, Buyer will pay Licensee's and Broker's attorneys’ fees and costs. CIVIL RIGHTS ACTS Federal and state laws make it illegal for a seller, broker, or anyone to use RACE, COLOR, RELIGION or RELIGIOUS CREED, SEX, DISABILITY (physical or mental), FAMILIAL STATUS (children under 18 years of age), AGE (40 or older), NATIONAL ORIGIN, USE OR HANDLING/TRAINING OF SUPPORT OR GUIDE ANIMALS, or the FACT OF RELATIONSHIP OR ASSOCIATION TO AN INDIVIDUAL KNOWN TO HAVE A DISABILITY as reasons for refusing to sell, show, or rent properties, loan money, or set deposit amounts, or as reasons for any decision relating to the sale or rental of property. ZONING CLASSIFICATION Any sales agreement must contain the zoning classification of a property except in cases where the property (or each parcel thereof, if subdividable) is zoned solely or primarily to permit single-family dwellings. EXPERTISE OF REAL ESTATE AGENTS Pennsylvania Real Estate Agents are required to be licensed by the Commonwealth of Pennsylvania and are obligated to disclose adverse factors about a property that are reasonably apparent to someone with expertise in the marketing of real property. (A) If Buyer wants information regarding specific conditions or components of the property which are outside the Agent’s expertise, the advice of the appropriate professional should be sought. (B) If Buyer wants financial, legal, or any other advice, Buyer is encouraged to seek the services of an accountant, lawyer, or other appropriate professional. REAL ESTATE RECOVERY FUND Pennsylvania has a Real Estate Recovery Fund (the Fund) to repay any person who has received a final court ruling (civil judgment) against a Pennsylvania real estate licensee because of fraud, misrepresentation, or deceit in a real estate transaction. The Fund repays persons who have not been able to collect the judgment after trying all lawful ways to do so. For complete details about the Fund, call (717) 783-3658, or (800) 822-2113 (within Pennsylvania), and (717) 783-4854 (outside Pennsylvania). BUYER’S OPTIONS Unless Buyer and the seller agree otherwise, real estate is sold in its present condition. It is Buyer’s responsibility to satisfy himself or herself that the condition of the property is satisfactory. Buyer may request that the property be inspected, at Buyer’s expense, by qualified professionals to determine the condition of the structure or its components. Areas of concern may include, but are not limited to, the following: electrical; plumbing, heating, ventilating, air conditioning; appliances and fixtures; water infiltration, basement; roof leakage; boundaries; asbestos, urea formaldehyde foam insulation, radon, and environmental hazards or substances; wood-destroying insect infestation; on-site water service and/or sewage system; and lead-based paint. Buyer’s request for any inspection should be made to Broker before entering into an Agreement of Sale or lease. FEES Buyer understands that, as either a Seller Agent/Subagent for Seller or Transaction Licensee, Broker may receive a fee from the seller. Broker’s office policy allows for cooperation with other brokers who may compensate Broker based on a percentage of the purchase price. As a Seller Agent/Subagent for Seller or a Transaction Licensee, Broker may not charge any fee to Buyer without a signed written agreement.

 

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