Management Agreement Required

PURPOSE: This rule regulates the employment contract between a broker and a member of the public so that the public will know what s/he may expect from the licensee who is managing the leasing or rental of real estate. (1) When managing property a licensee shall not rent or lease, offer to rent or lease, negotiate, or offer or agree to negotiate, the rent or lease, list or offer to list for lease or rent, assist or direct in procuring of prospects calculated to result in the lease or rent, assist or direct in the negotiation of any transaction calculated or intended to result in the lease or rent, or show that property to prospective renters or lessees unless the licensee’s broker holds a current written property management agreement or other written authorization signed by the owner of the real estate or the owner’s authorized agent. (2) A licensee who is managing the leasing or rental of real estate shall not act as an agent in the sale or exchange of that real estate unless the licensee complies with the requirements of 20 CSR 2250-8.090. AUTHORITY: section 339.120, RSMo Supp. 2008.* This rule originally filed as 4 CSR 250-8.200. Original rule filed June 14, 1988, effective Feb. 19, 1989. Amended: Filed Nov. 15, 1991, effective June 25, 1992. Amended: Filed Feb. 2, 1994, effective Aug. 28, 1994. Moved to 20 CSR 2250-8.200, effective Aug. 28, 2006. Amended: Filed April 3, 2009, effective Sept. 30, 2009. *Original authority: 339.120, RSMo 1941, amended 1963, 1967, 1981, 1988, 1993, 1995, 1999, 2004, 2008.