Delaware Code Title 24 Sec. 2935 – Duty to cooperate
(a) Licensees shall cooperate with all other licensees involved in a transaction except when cooperation is not in the customer‘s or client‘s best interest. The obligation to cooperate does not include any obligation to share commissions or to otherwise compensate another licensee.
Terms Used In Delaware Code Title 24 Sec. 2935
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Broker: means any individual who holds a broker license from the Commission and who for a compensation or valuable consideration, is self-employed or is employed directly or indirectly by a brokerage organization to sell or offer to sell, or to buy or offer to buy, or to negotiate the purchase, sale, or exchange of real estate, or to lease or rent or offer for rent any real estate, or to negotiate leases or rental agreements thereof or of the improvements thereon for others. See Delaware Code Title 24 Sec. 2902
- Brokerage organization: means that individual or business entity which is not licensed but is acting as a broker under § 2901(c) of this title and is the trade name under which the broker operates. See Delaware Code Title 24 Sec. 2902
- CIS: means the disclosure form required by § 2938 of this title. See Delaware Code Title 24 Sec. 2902
- Client: means a member of the public who is the principal in the statutory or common law agency relationship. See Delaware Code Title 24 Sec. 2902
- Customer: means a member of the general public working with a licensee as a potential buyer, seller, exchangor, exchangee, tenant, or landlord of real property or is consulting with a licensee in 1 of these capacities for the purpose of entering into a brokerage agreement or transaction, but who has not yet entered into a statutory or common law agency relationship with a licensee. See Delaware Code Title 24 Sec. 2902
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Licensee: means an individual licensed under this chapter as a broker, associate broker or salesperson without implying what legal relationship they have with a customer or client. See Delaware Code Title 24 Sec. 2902
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real estate services: means those activities performed by a licensee as defined in this chapter. See Delaware Code Title 24 Sec. 2902
(b) In order to cooperate, licensees shall be reasonably available when requested by their customer or client to:
(1) Accept delivery of and present to the customer or client offers and counteroffers to buy, sell, or lease the customer’s or client’s property, or the property the customer or client seeks to purchase or lease;
(2) Assist the customer or client in developing, communicating, negotiating, and presenting offers, counteroffers, and notices that relate to offers and counteroffers until the agreement of sale or lease is signed and all contingencies are satisfied or waived; and
(3) Answer the customer’s or client’s questions relating to the offers, counteroffers, notices, negotiations, and contingencies; and
(4) Hold the escrow deposit.
(c) In order to cooperate, licensees shall be reasonably available when requested by a cooperating licensee to undertake the activities described in subsection (b) of this section, but only after disclosing the request to their customer or client and receiving written authorization to undertake the requested activity. If the customer or client fails to authorize the licensee to undertake the requested activity, the licensee shall not undertake such activity. If the broker‘s or brokerage organization‘s business model includes offering all of the services explained in the CIS, rather than having separate charges for distinct real estate services, the CIS is sufficient disclosure or written authorization to undertake the activities described in subsection (b) of this section.
75 Del. Laws, c. 277, § ?6; 76 Del. Laws, c. 258, § ?9; 78 Del. Laws, c. 166, § ?1;