(1) "Agency" means a
relationship in which a real estate broker or
licensee represents a client by the client’s
consent, whether express or implied, in an
immovable property transaction.
(2) "Broker" means any person
licensed by the Louisiana Real Estate Commission
as a real estate broker.
(3) "Brokerage agreement"
means an agreement for brokerage services to be
provided to a person in return for compensation
or the right to receive compensation from
another.
(4) "Client" means one who
engages the professional advice and services of
a licensee as his agent.
(5) "Commission" means the
Louisiana Real Estate Commission.
(6) (a) "Confidential
information" means information obtained by a
licensee from a client during the term of a
brokerage agreement that was made confidential
by the written request or written instruction of
the client or is information the disclosure of
which could materially harm the position of the
client, unless at any time any of the following
occurs:
(i) The client permits the
disclosure by word or conduct.
(ii) The disclosure is
required by law or would reveal serious defect.
(iii) The information becomes
public from a source other than the licensee.
(b) Confidential information
shall not be considered to include material
information
about the physical condition of the property.
(c) Confidential information
can be disclosed by a designated agent to his
broker for the purpose of seeking advice or
assistance for the benefit of the client.
(7) "Customer" means a person
who is not being represented by a licensee but
for whom the licensee is performing ministerial
acts.
(8)
"Designated agency" means a contractual
relationship between a broker and a client under
which one or more licensees affiliated with the
broker are designated as agents of the client
the agency relationship that shall be presumed
to exist when a licensee engaged in any real
estate transaction, except as otherwise provided
in this Chapter, is working with a client,
unless there is a written agreement providing
for a different relationship.
(9)
"Designated agent" means a licensee named by
a broker as who is the agent of a
client.
(10) "Dual agency" means an
agency relationship in which a licensee is
working with both buyer and seller or both
landlord and tenant in the same transaction.
However, such a relationship shall not
constitute dual agency if the licensee is the
seller of property that he owns or if the
property is owned by a real estate business of
which the licensee is the sole proprietor and
agent. A dual agency relationship shall not be
construed to exist in a circumstance in which
the licensee is working with both landlord and
tenant as to a lease which does not exceed a
term of three years and the licensee is the
landlord.
(11) "Licensee" means any
person who has been issued a license by the
commission as a real estate salesperson or a
real estate broker.
(12) "Ministerial acts" means
those acts that a licensee may perform for a
person that are informative in nature. Examples
of these acts include but are not limited to:
(a) Responding to phone
inquiries by persons as to the availability and
pricing of brokerage services.
(b) Responding to phone
inquiries from a person concerning the price or
location of property.
(c) Conducting an open house
and responding to questions about the property
from a person.
(d) Setting an appointment to
view property.
(e) Responding to questions
from persons walking into a licensee’s office
concerning brokerage services offered or
particular properties.
(f) Accompanying an
appraiser, inspector, contractor, or similar
third party on a visit to a property.
(g) Describing a property or
the property’s condition in response to a
person’s inquiry.
(h) Completing business or
factual information for a person represented by
another licensee on an offer or contract to
purchase.
(i) Showing a person through
a property being sold by an owner on his or her
own behalf.
(j) Referral to another
broker or service provider.
(13) "Person" means and
includes individuals and any and all business
entities, including but not limited to
corporations, partnerships, trusts and limited
liability companies, foreign or domestic.
(14)
"Substantive contact" means that point in any
conversation where confidential information is
solicited or received. This includes any
specific financial qualifications of the
consumer or the motives or objectives in which
the consumer may divulge any confidential,
personal, or financial information, which, if
disclosed to the other party to the transaction,
could harm the party's bargaining position. This
includes any electronic contact, electronic
mail, or any other form of electronic
transmission.
Added by Acts 1997, No. 31, §
1, eff. March 1, 1998. Amended by Acts 1999, No.
452, §1, Acts 2010, No. 247, §1
