A broker may enter into a written brokerage agreement to provide services as either a single-party broker or a transaction broker. If a broker does not enter into a written brokerage agreement with a party, the broker shall perform services only as a transaction broker. All brokerage agreements shall be deemed to incorporate as material terms the duties and responsibilities set forth in subsection A of Section 858-353 or subsection B of Section 858-354 of this title, based upon whether the relationship established by the brokerage agreement is a transaction broker relationship or single-party broker relationship.

Added by Laws 1999, HB 1178, c. 194, § 2, eff. November 1, 2000; Amended by Laws 2005, SB 673, c. 423, § 2, emerg. eff. June 6, 2005 (superseded document available).