Have you heard the team addendum changed?


The Duties Owed Team Addendum



Many of you have teams or are on teams.  In the past Prudential, Americana Group, REALTORS® required that ALL team members be listed on the Duties Owed Addendum.  As of 8/1/08 that changed within Americana.  Teams now need only utilize the Duties Owed Team Addendum which lists the Team Leader and the licensed team member(s) also representing the client.  NRS 645.252 and .193 instruct that a licensee who acts as an agent in a real estate transaction shall disclose as soon as is practicable the duties owed by a licensee.  The Duties Owed Team Addendum, must indicate all of the licensees working for that client.  In a Team scenario the Team Leader and assigned Team Member must each sign the Duties Owed.  (Unless the Team Leader is listing the personal real property of a Team Member, in which event the Team Member does not sign the Duties Owed Team Addendum).  The Team Leaders and the assigned Team Member both owe equal duties to the client.  Americana has developed a “Team Addendum” to allow Team Owners to list those Team Member(s) assigned to the client on the Duties Owed.  The assigned Team Member(s) and the Team Leader then owe a duty to that client
What about the Consent to Act?  Teams must utilize the Consent to Act in addition to the Duties Owed and Duties Owed Team Addendum in the event a Team Member represents a Buyer in the sale of a listing of the Team.  In that instance the Seller (often a bank) and the Buyer are BOTH represented by the Team Leader, (the Team Leader is always representing the clients of his/her Team), so the Consent to Act is required
 Forrest Barbee, our famous corporate broker wrote the attached Memo for you.