To help the buyer compare financing options.
Confidential information can be disclosed by a CUSTOMER INFORMATION PAMPHLET
To provide information about comparable prop‐ designated agent to his broker for the purpose of
erties that have sold, so both clients may make seeking advice or assistance for the benefit of What Customers Need to Know
educated buying/selling decisions. the client. When Working With
To disclose financial qualifications of the buyer/ Real Estate Brokers or Licensees
lessee to the seller/lessor.
To explain real estate terms. CONCLUSION As real estate transactions have become more
To help buyers/lessees arrange for property in‐ complex and varied, real estate brokerage arrange‐
The Louisiana Real Estate License Law and the
spections. ments have evolved to meet the changing needs of
Louisiana Real Estate Commission Rules and
Regulations require a real estate licensee to pro‐ customers entering this market. This pamphlet pro‐
To explain closing costs and procedures.
vide you with this informational pamphlet on vides a description of the different types of broker‐
A dual agent may not disclose: brokerage agency relationships. For additional age arrangements available to customers, so that
Confidential information of one client to the information on agency disclosure matters, visit they may choose the brokerage services best suited
other, without the client’s permission. the Louisiana Real Estate Commission website at: to their needs.
Under Louisiana’s real estate agency law, a licen‐
The price the seller/lessor will take other than the www.lrec.gov
listing price, without the permission of the seller/ see engaged in any real estate transaction shall be
lessor. considered to be representing the person with whom
he/she is working, unless there is a written agree‐
The price the buyer/lessee is willing to pay, with‐
ment between the broker and the person providing
out the permission of the buyer/lessee.
that there is a different relationship or the licensee is
performing only ministerial acts on behalf of the per‐
CONFIDENTIAL INFORMATION son.
A real estate broker and his/her associated licen‐
Confidential information means information obtained sees can provide valuable real estate services,
by a licensee from a client during the term of a bro‐ whether in the form of basic customer services, or
kerage agreement that was made confidential by the through client‐level agency representation. The ser‐
written request or written instruction of the client or vices you expect will depend upon the legal relation‐
is information the disclosure of which could materially ship you establish with the company. It is important
harm the position of the client, unless at any time any for you to discuss the information contained inside
of the following occurs: with the real estate licensee, and to agree on
whether your business relationship will be that of a
The client permits the disclosure by word or con‐ customer or a client, and if a client, the type of
duct. agency relationship that will be in your best interest.
Louisiana Real Estate Commission
The disclosure is required by law or would reveal 9071 Interline Avenue
serious defect. This information is provided in accordance with R.S. 37:1455
Baton Rouge, LA 70809
(A)(21) and R.S. 37:1467 to help you be more informed in
1-800-821-4529 (LA only) the buying, selling, or leasing of real estate. In whatever
The information becomes public from a source 1-225-925-1923 manner you choose to be represented, the goal is generally
other than the licensee. the same. The real estate licensee is trying to assist you in
the sale, purchase, or lease of real estate upon terms accept-
Confidential information shall not be considered to be able to all parties. For additional information, you may con-
about the physical condition of the property. tact the Louisiana Real Estate Commission at 1-800-821-
4529 or 1-225-925-1923.
CUSTOMER CLIENT To keep information that could materially ACKNOWLEDGMENT
harm your negotiation position confiden‐
The customer is a person who is provided A client is one who engages a licensee for profes‐ tial Your signature only confirms that you have
services by a real estate licensee, but who is sional advice and services as their agent. received information on agency law and in no
not a client of the real estate licensee be‐ To present all offers in a timely manner
way enters you into a contract.
cause the licensee is only performing minis‐ To seek a transaction at the price and
terial acts. In this case, the real estate licen‐
see is not acting as an agent. The actual AGENCY terms acceptable to you □ Buyer(s)/Lessee(s)
services you receive from a real estate licen‐ To account for all money or property re‐
Agency means a relationship in which a real __________________________________________
see depend on the arrangement that is es‐ ceived from the client in a timely manner. Signature
estate broker or licensee represents a client by
tablished between you and the licensee. Note: When representing you as a client, your
the client’s consent, whether expressed or im‐ __________________________________________
Licensees are allowed to provide ministerial plied, in an immovable property transaction. An agent does not breach their duty to you by Print name and date
acts to customers without creating an agency relationship is formed when a real es‐ showing alternate properties to the buyers,
agency relationship; ministerial acts are acts showing properties in which you are interested __________________________________________
tate licensee works for you in your best interest
that a licensee may perform for a person Signature
and represents you. Agency relationships can to other buyer clients, or receiving compensa‐
that are informative in nature. Examples
include, but are not limited to: be formed with buyers/sellers and lessors/ tion based on a percentage of the property __________________________________________
sales price. Print name and date
lessees.
Responding to phone inquiries by per‐
sons as to the availability and pricing of
brokerage services or pricing on a par‐
ticular piece of property or location of a DESIGNATED AGENCY DUAL AGENCY □ Seller(s)/Lessor(s)
property.
Designated agency means the agency relation‐ Dual agency means an agency relationship in
Conducting an open house and respond‐ which a licensee is working with both buyer __________________________________________
ship that shall be presumed to exist when a li‐ Signature
ing to questions about the property censee engaged in any real estate transaction, is and seller or both landlord and tenant in the
from a person. same transaction. However, such a relation‐ __________________________________________
working with a client, unless there is a written ship shall not constitute dual agency if the li‐ Print name and date
Setting an appointment to view a prop‐ agreement providing for a different relation‐ censee is the seller of property that he owns or
erty. ship.. __________________________________________
if the property is owned by a real estate busi‐
Signature
Responding to questions from persons The law presumes that the real estate licen‐ ness of which the licensee is the sole proprie‐
walking into a licensee’s office concern‐ tor and agent. A dual agency relationship shall __________________________________________
ing brokerage services offered or par‐ see you work with is your designated agent, not be construed to exist in a circumstance in Print name and date
ticular properties. unless you have a written agreement other‐ which the licensee is working with both land‐
wise. lord and tenant as to a lease which does not
Accompanying an appraiser, inspector,
No other licensees in the office work for exceed a term of three years and the licensee
contractor, or similar third party on a
visit to a property. you, unless disclosed and approved by you.
is the landlord. □ Licensee
Dual agency is allowed only when informed
Describing a property or the property’s You should confine your discussions of buy‐ consent is presumed to have been given by __________________________________________
condition, in response to a person’s in‐ ing/selling to your designated agent or any client who signed the dual agency disclo‐ Signature
quiry. agents only. sure form prescribed by the Louisiana Real __________________________________________
Completing business or factual informa‐ Estate Commission. Specific duties owed to Print name and date
tion for a person represented by an‐ both buyer/seller and lessor/lessee are:
other licensee on an offer or contract to
purchase. DUTIES THE DESIGNATED AGENT To treat all clients honestly.
Showing a person through a property OWES A CLIENT To provide factual information about the
This form will be maintained by the real estate licensee for
being sold by an owner on his/her own property. a period of five years, in accordance with Chapter 37,
behalf. To obey all lawful requests
To disclose all latent material defects in Section 3703.D of the Louisiana Real Estate Commission
Rules and Regulations.
Referral to another broker or service To promote your best interest the property that are known to them.
provider. To exercise reasonable skill and care (cont. on back)
