Bill > SB478

This bill modifies existing Missouri real estate law by updating the requirements for service agreements between real estate brokers and their clients. The bill requires designated brokers to enter into written agreements before engaging in various real estate activities, such as representing sellers, landlords, buyers, or tenants. Specifically, the bill removes the phrase "or while" from the section about buyer/tenant representation, which means brokers must establish a written agency agreement before taking substantive actions. The bill outlines detailed requirements for different types of real estate relationships, including single agency, dual agency, subagency, and transaction brokerage. For each type of relationship, the written agreement must specify the licensee's duties and responsibilities, terms of compensation, and other key details. The bill also mandates that exclusive brokerage agreements include minimum service standards, such as presenting offers, assisting in negotiations, and answering client questions. Importantly, the legislation allows for additional contractual terms beyond the specified minimums, providing flexibility for brokers and clients to customize their agreements while ensuring a baseline of professional service and transparency.

Government Affairs

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=122946