1. (1) A buyer or seller is not represented by a brokerage in a regulated real estate transaction unless the buyer or seller and the brokerage agree, in a separate written document, to such representation. No type of agency representation may be assumed by a brokerage, buyer or seller or created orally or by implication.

2. (2) Types of brokerage relationships. The following types of brokerage relationships are recognized:

   1. (a) Nonagency;
   2. (b) Agency representation;
   3. (c) Limited dual agency representation;
   4. (d) Limited dual agency with assigned agents.

[(54-2084) 54-2062, added 1996, ch. 250, sec. 1, p. 787; am. and redesignated 2000, ch. 285, sec. 6, p. 953; am. 2004, ch. 119, sec. 2, p. 397.]