CHAPTER 166

FORMERLY

SENATE BILL NO. 226

AN ACT TO AMEND CHAPTER 29, TITLE 24 OF THE DELAWARE CODE RELATING TO DISCLOSURE OF AGENCY IN A REAL ESTATE TRANSACTION.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Add a new section 2929 to Chapter 29 of Title 24 of the Delaware Code which shall read as follows:

12929. Agency Disclosure.

(a) All licensees must disclose, in writing, who they represent. This disclosure shall be made to all parties to a transaction who the licensee does not represent but with whom the licensee has substantive contact such as prospective sellers, lessors, buyers and lessees.

(b) This disclosure referenced in subsection (a) shall be made at the first substantive contact between the licensee and the person the licensee does not represent. A listing Broker who is not also the selling agent and who has no substantive contact with the prospective buyer or lessee, need not make any agency disclosure to the prospective buyer or lessee.

(c) The Commission may adopt rules and regulations to prescribe the form of disclosure to be used by licensees or minimum criteria for the form of disclosure."

Section 2. Amend Section 2912(a)(4) of Title 24 of the Delaware Code by inserting the words and written consent" between the words "knowledge" and of all parties".

Approved July 15, 1991.