As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.

1. 1. Affiliated licensee "Affiliated licensee" means a licensee who is authorized to engage in brokerage activity by and on behalf of a real estate brokerage agency.

   [PL 2005, c. 378, §13 (AMD); PL 2005, c. 378, §29 (AFF).]

2. 2. Appointed agent "Appointed agent" means that affiliated licensee who is appointed by the designated broker of the affiliated licensee's real estate brokerage agency to act solely for a client of that real estate brokerage agency to the exclusion of other affiliated licensees of that real estate brokerage agency.

   [PL 2005, c. 378, §13 (AMD); PL 2005, c. 378, §29 (AFF).]

3. 3. Brokerage agreement "Brokerage agreement" means a contract that establishes the relationships between the parties and the brokerage services to be performed.

   [PL 2005, c. 378, §13 (AMD); PL 2005, c. 378, §29 (AFF).]

4. 4. Buyer agent "Buyer agent" means a real estate brokerage agency that has entered into a written brokerage agreement with the buyer in a real estate transaction to represent the buyer as its client.

   [PL 2005, c. 378, §13 (AMD); PL 2005, c. 378, §29 (AFF).]

5. 5. Client "Client" means a person who has entered into a written brokerage agreement with a real estate brokerage agency that has agreed to represent that person and be bound by the duties set forth in section 13272 on behalf of that person.

   [PL 2005, c. 378, §13 (AMD); PL 2005, c. 378, §29 (AFF).]

6. 6. Designated broker "Designated broker" means a broker designated by a real estate brokerage agency to act for the real estate brokerage agency in the conduct of real estate brokerage.

   [PL 2005, c. 378, §13 (AMD); PL 2005, c. 378, §29 (AFF).]

7. 7. Disclosed dual agent "Disclosed dual agent" means a real estate brokerage agency representing 2 or more clients whose interests are adverse in the same transaction with the knowledge and informed consent of the clients.

   [PL 2005, c. 378, §13 (AMD); PL 2005, c. 378, §29 (AFF).]

8. 8. Material fact "Material fact" means a fact that relates to the transaction and is so substantial and important as to influence the client to whom it is imparted.

   [PL 2005, c. 378, §13 (AMD); PL 2005, c. 378, §29 (AFF).]

9. 9. Ministerial acts "Ministerial acts" means those acts that a real estate brokerage agency performs for a person who is not a client and that are informative or clerical in nature and do not rise to the level of active representation on behalf of the person.

   [PL 2005, c. 378, §13 (AMD); PL 2005, c. 378, §29 (AFF).]

10. 10. Real estate brokerage agency "Real estate brokerage agency" means a person or entity providing real estate brokerage services through that person's designated broker, affiliated licensees, associates or employees and licensed by the commission as a real estate brokerage agency.

    [PL 2005, c. 378, §13 (AMD); PL 2005, c. 378, §29 (AFF).]

11. 11. Seller agent "Seller agent" means a real estate brokerage agency that has entered into a written brokerage agreement with the seller in a real estate transaction to represent the seller as the real estate brokerage agency's client.

    [PL 2005, c. 378, §13 (AMD); PL 2005, c. 378, §29 (AFF).]

12. 12. Subagent "Subagent" means a real estate brokerage agency engaged by another real estate brokerage agency to perform brokerage tasks for a client.

    [PL 2005, c. 378, §13 (AMD); PL 2005, c. 378, §29 (AFF).]

13. 13. Third party

    [PL 2005, c. 378, §13 (RP); PL 2005, c. 378, §29 (AFF).]

14. 13-A. Transaction broker "Transaction broker" means a real estate brokerage agency that provides real estate brokerage services to one or more parties in a real estate transaction without a fiduciary relationship as a buyer agent, a seller agent, a subagent or a disclosed dual agent.

    [PL 2005, c. 378, §13 (NEW); PL 2005, c. 378, §29 (AFF).]

15. 14. Undisclosed dual agent "Undisclosed dual agent" means a real estate brokerage agency representing 2 or more clients whose interests are adverse in the same transaction without the knowledge and informed consent of the clients.

    [PL 2005, c. 378, §13 (AMD); PL 2005, c. 378, §29 (AFF).]

PL 1993, c. 679, §1 (NEW). PL 1999, c. 129, §15 (AMD). PL 1999, c. 129, §16 (AFF). PL 2005, c. 378, §13 (AMD). PL 2005, c. 378, §29 (AFF).