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AGENCY DISCLOSURE IS PENNSYLVANIA LAW, STRESSES PENNSYLVANIA REALTORS

 HARRISBURG, Pa., Jan. 26 /PRNewswire/ -- Who does the real estate broker really represent in the housing transaction? The buyer or the seller?
 In Pennsylvania, the broker is required by law to disclose whom he is representing.
 Richard J. Stampahar, CPM, president of the Pennsylvania Association of Realtors (PAR), said the Real Estate Licensing and Registration Act requires that at the initial interview with any prospective buyer, the broker shall disclose whether he represents the buyer or the seller.
 In addition, he stressed the law mandates that the broker shall reveal to the prospective buyer on the listing agreement or sales contract that he represents the buyer or the seller.
 "Our association (PAR), a longtime advocate of agency disclosure laws, was instrumental in the passage of amendments to the Real Estate Licensing and Registration Act requiring the disclosure of a broker's interests to protect the consumer from any confusion as to whom the real estate broker represents," Stampahar stressed.
 Agency disclosure also helps increase the credibility of the broker with the prospective buyer and reduces legal confrontations, because the consumer knows up front where his (broker's) interests are, he added.
 When a buyer contacts a broker, many times he thinks that the broker will represent the buyer's best interests. However, the broker, in most cases, has the fiduciary and legal responsibility to represent the interests of the seller.
 In addition to the law, realtors are bound by a Code of Ethics which obligates them to make agency disclosures, he emphasized.
 In citing disclosure in the code, Stampahar noted, "A realtor, acting as agent of the seller, shall disclose that relationship to buyers as soon as practicable."
 Agency disclosure is a good idea, but it's also the law, he stressed.
 The Voice for Real Estate in Pennsylvania, PAR is comprised of more than 27,000 members involved in all phases of real estate throughout the commonwealth.
 /delval/
 -0- 1/26/93
 /CONTACT: Ty L. Smith, communications coordinator of PAR, 717-561-1303, or fax, 717-561-8796/


CO: Pennsylvania Association of Realtors ST: Pennsylvania IN: SU:

MK-JS -- PH012 -- 9015 01/26/93 10:34 EST
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Date:Jan 26, 1993
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