BICAR Focuses on Agency Rule

The 2007-2008 Broker-in-Charge Annual Review course focuses on the broker-in-charge’s obligation to oversee adherence to the Commission’s agency disclosure and agreements rule (Rule A.0104) by all associated agents.

Brokers-in-charge should be aware that they may be subject to disciplinary action if agents under their supervision fail to timely disclose agency relationships and obtain written agency agreements.

The course reviews the history of Rule A.0104, the genesis of disclosure requirements. It then proceeds to explain the rules: agency disclosure requirements in all sales transactions, determination and establishment of an agency relationship before beginning to work with a consumer in any transaction, and the latest point by which that express agency agreement must be in writing. Fact situations are presented throughout the materials to assist brokers-in-charge in applying the rule.

The course materials are designed to eliminate confusion about how brokers-in-charge and their associated agents are expected to comply with the rule. It is hoped that the materials will serve as a primer on agency requirements and will be used by brokers both as a reference and in training their associated agents.

This article came from the January 2008-Vol38-3 edition of the bulletin.