A licensee may act as a limited agent only with the informed written consent of all parties to the transaction. A limited agent is an agent for both the seller and the buyer and has the following duties and obligations:

1. (1) To perform the terms of any written agreement made with the client;
2. (2) To exercise reasonable skill and care for the client;
3. (3) To present all written offers to and from the client in a timely manner regardless of whether the client is already a party to a contract to purchase property or is already a party to a contract or a letter of intent to lease;
4. (4) To disclose to the client adverse material facts known by the licensee;
5. (5) To advise the client to obtain expert advice as to material matters about which the licensee knows but the specifics of which are beyond the expertise of the licensee;
6. (6) To account in a timely manner for all money and property received; and
7. (7) To comply with any applicable federal, state, and local laws, rules, regulations, and ordinances, including fair housing and civil rights statutes or regulations.

Source: SL 1998, ch 229 , § 17.