S-3511               _______________________________________________

                                                   SENATE BILL NO. 4502

                        _______________________________________________

State of Washington                              49th Legislature                              1986 Regular Session

By Senators Warnke and Talmadge

Prefiled with Secretary of the Senate 1/10/86.  Read first time 1/13/86 and referred to Committee on Commerce & Labor.

AN ACT Relating to disclosure; and adding a new section to chapter 18.85 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 18.85 RCW to read as follows:

          (1) Every licensed broker and licensed real estate salesperson shall disclose whether the broker or salesperson will be acting on behalf and subject to the control and consent of (a) the seller, (b) the purchaser, or (c) both the seller and purchaser, and that the broker or salesperson will be subject to the control of and consent by the seller, purchaser, or both the seller and purchaser in any real estate or business opportunity transaction.

          (2) The disclosure required in subsection (1) of this section shall be confirmed in writing to both the seller and purchaser no later than the time when the broker or salesperson presents to the seller the written offer to purchase or exchange the real estate or business opportunity.  The disclosure requirement may be satisfied by the title designation, "agent for the seller" or "agent for the purchaser."