When do I become an agent, and when does that relationship end?
There are three components required in the contract establishing the brokerage relationship.
1. The brokerage relationship shall commence at the time that a client engages a licensee and shall continue until the termination date or other conditions prescribed in the contractual agreement.
2. The brokerage relationship shall have a definite termination date; and if not, the brokerage relationship shall terminate 90 days after the date upon which the brokerage relationship began.
3. After termination, expiration, or completion of performance of the brokerage relationship the licensee owes no further duties to the client except that the licensee shall:
a. Account for all monies and property relating to the brokerage relationship, and
b. Keep confidential all personal and financial information received from the client during the course of the brokerage relationship and any other information that the client requests during the brokerage relationship be maintained confidential. This applies unless otherwise provided by law or the client consents in writing to the release of such information. This obligation continues after termination of the relationship.