(a)
- (1) If a firm holds an exclusive listing contract on a parcel of property, the selling licensee shall not contact the seller about showing the property or negotiating the sale without prior permission from the listing firm or other licensee designated by an authorized representative of the listing firm.
- (2) Any offers received by the selling licensee shall be presented to the firm holding the exclusive listing contract not later than the close of the next business day after receipt of the offer.
- (3) Likewise, all earnest moneys and deposits shall be forwarded to the listing firm for deposit in the listing firm's trust account.
- (4) The listing firm or other licensee designated by an authorized representative of the listing firm shall then present the offer to the seller.
- (5) The selling licensee may accompany the listing licensee with the latter's permission but shall not contact the seller without prior permission from an authorized representative of the listing firm.
(b)
- (1) A licensee shall not knowingly enter into an agency agreement or contract when there is reason to believe that there is an existing exclusive agency agreement or contract in force without first communicating with the other principal broker who holds such agreement or contract to confirm its existence.
- (2) If there is an existing exclusive agency agreement or contract in force, the licensee shall not enter into another agency agreement or contract without first notifying the client in writing to consult with an attorney regarding the risk of being liable for two (2) separate commissions.
- (3) For example, exclusive listing and exclusive buyer representation agreements or contracts, and property management agreements.
- (c) Signs offering or advertising a property may be on the property only during the existence of a listing agreement unless otherwise authorized by the owner.