Bill Text: IN HB1372 | 2013 | Regular Session | Enrolled
Bill Title: Knowledge imputed to real estate broker.
Spectrum: Bipartisan Bill
Status: (Passed) 2013-05-13 - Public Law 150 [HB1372 Detail]
Download: Indiana-2013-HB1372-Enrolled.html
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
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AN ACT to amend the Indiana Code concerning property.
(b) A licensee who personally represents both the seller and buyer or both the landlord and tenant in a real estate transaction is a limited agent and is required to comply with the provisions of this chapter governing limited agents.
(c) A licensee representing a client in an in-house agency relationship owes the client duties and obligations set forth in this chapter and shall not disclose material or confidential information obtained from the client to other licensees, except to the principal or managing broker for the purpose of seeking advice or assistance for the client's benefit.
(d) A principal broker, managing broker, and any affiliated licensee shall take reasonable and necessary care to protect any material or
confidential information disclosed by a client to the client's in-house
agent.
(e) In all in-house agency relationships, a principal broker,
managing broker, and an individual licensee possess only actual
knowledge and information. There is no imputation of agency,
knowledge, or information among or between clients, the principal
broker, the managing broker, and licensees. Information contained in
records of prior transactions maintained by the brokerage or
agency concerning any existing or previous adverse material facts
or risks with respect to real property may not be imputed to a
broker or affiliated licensee unless the broker or affiliated licensee
had actual knowledge of any adverse material facts or risks with
respect to the real property. A person may not bring a cause of
action against a broker or licensee for failure to disclose adverse
material facts or risks if the cause of action is based on imputed
knowledge of the adverse material facts or risks.
(b) A licensee who personally represents both the seller and buyer or both the landlord and tenant in a real estate transaction is a limited agent and is required to comply with the provisions of this chapter governing limited agents.
(c) A licensee representing a client in an in-house agency relationship owes the client duties and obligations set forth in this chapter and shall not disclose material or confidential information obtained from the client to other licensees, except to the managing broker for the purpose of seeking advice or assistance for the client's benefit.
(d) A managing broker and any affiliated licensee shall take reasonable and necessary care to protect any material or confidential information disclosed by a client to the client's in-house agent.
(e) In all in-house agency relationships, a managing broker and an individual licensee possess only actual knowledge and information. There is no imputation of agency, knowledge, or information among or
between clients, the managing broker, and licensees. Information
contained in records of prior transactions maintained by the
brokerage or agency concerning any existing or previous adverse
material facts or risks with respect to real property may not be
imputed to a broker or affiliated licensee unless the broker or
affiliated licensee had actual knowledge of any adverse material
facts or risks with respect to the real property. A person may not
bring a cause of action against a broker or licensee for failure to
disclose adverse material facts or risks if the cause of action is
based on imputed knowledge of the adverse material facts or risks.
(b) An appraiser retained to appraise the residential real estate for which the disclosure form has been prepared shall be given a copy of the form upon request. This subsection applies only to appraisals made for the buyer or an entity from which the buyer is seeking financing.
(c) Before closing, an accepted offer is not enforceable against the buyer until the owner and the prospective buyer have signed the disclosure form. After closing, the failure of the owner to deliver a disclosure statement form to the buyer does not by itself invalidate a real estate transaction. A buyer may not invalidate a real estate transaction or a contract to purchase real estate due to the buyer's failure to sign a seller's disclosure form that has been received or acknowledged by the buyer.
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