Get the Facts 01.02.24
Agency Law Changes Now in Effect in WAWelcome to 2024! As we embrace the New Year, it's essential to reflect on the diligent preparation Washington brokers have undergone to ensure a seamless transition into 2024's real estate landscape. There are significant legal changes impacting real estate transactions...namely, the mandatory naming of brokers in brokerage service agreements. This legal requirement, now embedded in law, dictates that every agreement between a firm and a consumer must clearly identify the specific broker representing them, whether for selling or buying.
Agency Law Change Summary
- Washington’s Agency Law has been revised and took effect January 1, 2024.
- Increases transparency for buyers and sellers
- Requires brokers to negotiate and enter a written contract with their client
- Requires consumer consent to dual agency
- Re-writes the Agency Law Pamphlet into lay terms
- Clarifies that minimum agency duties are owed to all parties
Resources for Understanding These Changes
- Forms Information & Bulletins
- Operation Evolve Classes
- Operation Evolve Legal Hotline Video Playlist
- DBrief Series for Designated Brokers/Owners and Industry Leaders
- Legal Hotline Teaching PPT Tool for DBs and Industry Leaders
- New Q&A Category "2024 Agency Law Changes" in the Legal Hotline Database
Agency Substitutions and Team Scenarios
Recognizing the complexity of Agency Law Changes and how they apply to team scenarios, we are appealing to YOU for industry input! Legal Hotline Lawyer Annie Fitzsimmons encourages brokers to email their specific team scenarios to legalhotline@warealtor.org. This collective input aims to aid discussions with Department of Licensing staff, ensuring that future guidance is comprehensive and relevant to a broad range of real estate teams.
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Legal Hotline Q & A
Q&A of the Week 01.02.24