Providing Records to Your Brokerage

One of your most important responsibilities as a licensee in relation to your brokerage includes promptly providing your brokerage with records related to the real estate services you provide. The obligation to provide records ‘promptly’ means without delay.

You’re probably aware that when you have entered into a listing agreement, you must promptly provide a copy of the listing agreement to your managing broker. Under the agency and disclosure rules effective June 15, 2018, you must also promptly provide your brokerage with a copy of all of the new disclosures.

This enables your brokerage to fulfill its obligation to maintain timely, accurate, and complete records, and enables your managing broker to fulfill his or her obligation to be in active charge of the business of the brokerage.

For example, it is not acceptable to provide your brokerage with a copy of a Contract of Purchase and Sale only after subjects have been removed or the deposit is received. Once it has been accepted by all parties, it must be provided to your brokerage without delay.

Likewise, it is not acceptable to provide your brokerage with a Disclosure of Representation in Trading Services once an offer has been accepted by all parties. It must be provided to your brokerage without delay.

If you’re uncertain about your obligations in this regard, you should review the Knowledge Base or speak to your managing broker.

Published on May 04, 2018