(a) A licensee who represents both the seller and buyer in a real estate sale transaction, or both the lessor and tenant in a real estate lease or rental transaction, shall make disclosure in the time and manner required by 17 CAR §§ 220-801 and 220-802, and all parties to the transaction must have given their written consent to such dual representation prior to or at the time of execution of the:
- (1) Agency contract;
- (2) Listing contract;
- (3) Property management contract;
- (4) Lease;
- (5) Rental agreement;
- (6) Offer and acceptance contract; or
- (7) Other real estate contract.
- (b) Notwithstanding subsection (a) of this section, a licensee shall not accept a commission, rebate, profit, payment, compensation, or other valuable consideration in connection with a real estate transaction or real estate activity from any person or entity except the licensed principal broker under whom the licensee is licensed.