Consumer Notice

CONSUMER NOTICE

In November 1999, the state of Pennsylvania enacted the Agency Disclosure Law designed to protect you, the Consumer. The law applies to real estate transactions, whether residential or commercial, and whether by sale or lease. The Act requires that you read the Consumer Notice and sign it prior to entering into a meaningful discussion with any real estate sales associate.

THE CONSUMER NOTICE

Pennsylvania Law requires real estate brokers and salespersons (licensees) to advise consumers who are seeking to sell or purchase residential or commercial real estate or tenants who are seeking to lease residential or commercial real estate where the licensee is working on behalf of the tenant of the business relationships permitted by the Real Estate Licensing and Registration Act. This notice must be provided to the consumer at the first contact where a substantive discussion about real estate occurs unless an oral disclosure has been previously provided. If the oral disclosure was provided, this notice must be provided at the first meeting or the first time a property is shown to the consumer by the broker or salesperson.

Before you disclose any information to a licensee, be advised that unless you select an agency relationship the licensee is NOT REPRESENTING YOU. A business relationship of any kind will NOT be presumed but must be established between the consumer and the licensee.

Any licensee who provides you with real estate services owes you the following duties:

• Exercise reasonable professional skill and care which meets the practice standards required by the Act. Deal honestly and in good faith.
• Present, in a reasonably practical period of time, all offers, counteroffers, notices, and communications to and from the parties in writing. The duty to present written offers and counteroffers may be waived if the waiver is in writing.
• Comply with Real Estate Seller Disclosure Act.
• Account for escrow and deposit funds.
• Disclose all conflicts of interest in a reasonably practicable period of time.
• Provide assistance with document preparation and advise the consumer regarding compliance with laws pertaining to real estate transactions.
• Advise the consumer to seek expert advice on matters about the transaction that are beyond the licensee’s expertise.
• Keep the consumer informed about the transaction and the tasks to be completed.
• Disclose financial interest in a service, such as financial, title transfer and preparation services, insurance, construction, repair or inspection, at the time service is recommended or the first time the licensee learns that the service will be used.

A licensee may have the following business relationships with the consumer:

SELLER AGENCY

Seller agency is a relationship where the licensee, upon entering into a written agreement, works only for a seller/landlord.

Seller’s agents owe the additional duties of:

• Loyalty to the seller/landlord by acting in the seller’s/landlord’s best interest.
• Confidentiality, except that a licensee has a duty to reveal known material defects about the property.
• Making a continuous and good faith effort to find a buyer for the property, except while the property is subject to an existing agreement.
• Disclosure to other parties in the transaction that the licensee has been engaged as a seller’s agent.

A seller’s agent may compensate other brokers as subagents if the seller/landlord agrees in writing. Subagents have the same duties and obligations as the seller’s agent. Seller’s agents may also compensate buyer’s agents and transaction licensees who do not have the same duties and obligations as seller’s agents.

If you enter into a written agreement, the licensees in the real estate company owe you the additional duties identified above under seller agency. The exception is designated agency. See the designated agency section in this notice for more information.

BUYER AGENCY

Buyer agency is a relationship where the licensee, upon entering into a written agreement, works only for the buyer/tenant.

Buyer’s agents owe the additional duties of:

• Loyalty to the buyer/tenant by acting in the buyer’s/tenant’s best interest.
• Confidentiality, except that a licensee is required to disclose known material defects about the property.
• Making a continuous and good faith effort to find a property for the buyer/tenant, except while the buyer/tenant is subject to an existing contract.
• Disclosure to other parties in the transaction that the licensee has been engaged as a buyer’s agent.

A buyer’s agent may be paid fees, which may include a percentage of the purchase price, and, even if paid by the seller/landlord, will represent the interests of the buyer/tenant.

If you enter into a written agreement, the licensees in the real estate company owe you the additional duties identified above under buyer agency. The exception is designated agency. See the designated agency section in this notice for more information.

DUAL AGENCY

Dual agency is a relationship where the licensee acts as the agent for both the seller/landlord and the buyer/tenant in the same transaction with the written consent of all parties.

Dual agents owe the additional duties of:

• Taking no action that is adverse or detrimental to either party’s interest in the transaction.
• Unless otherwise agreed to in writing, making a continuous and good faith effort to find a buyer for the property and a property for the buyer, unless either are subject to an existing contract.
• Confidentiality, except that a licensee is required to disclose known material defects about the property.

DESIGNATED AGENCY

In designated agency, the employing broker may, with your consent, designate one or more licensees from the real estate company ro represent you. Other iicensees in the company may represent another party and shall not be provided with any confidential information. The designated agent(s) shall have the duties as listed above under seller agency and buyer agency.

In designated agency, the employing broker will be a dual agent and have the additional duties of:

• Taking reasonable care to protect any confidential information disclosed to the licensee.
• Taking responsibility to direct and supervise the business activities of the licensees who represent the seller and buyer while taking no action that is adverse or detrimental to either party’s interest in the transaction.

The designation may take place at the time that the parties enter into a written agreement, but may occur at a later time. Regardless of when the designation takes place, the employing broker is responsible for ensuring that confidential information is not disclosed.

TRANSACTION LICENSEE

A transaction licensee is a broker or salesperson who provides communication or document preparation services or performs other acts for which a license is required WITHOUT being the agent or advocate for either the seller/landlord or the buyer/tenant.

Upon signing a written agreement or disclosure statement, a transaction licensee has the additional duty of limited confidentiality in that the following information may not be disclosed:

• The seller/landlord will accept a price less than the asking/listing price.
• The buyer/tenant will pay a price greater than the price submitted in a written offer.
• The seller/landlord or buyer/tenant will agree to financing terms other than those offered.

Other information deemed confidential by the consumer shall not be provided to the transaction licensee.

OTHER INFORMATION ABOUT REAL ESTATE TRANSACTIONS

The following are negotiable and shall be addressed in an agreement/disclosure statement with the licensee:

• The duration of the employment, listing agreement or contract.
• The fees or commissions.
• The scope of the activities or practices.
• The broker’s cooperation with other brokers, including the sharing of fees.

Any sales agreement must contain the zoning classification of a property except in cases where the property is zoned solely or primarily to permit single family dwellings.

A Real Estate Recovery Fund exists to reimburse any person who has obtained a final civil judgment against a Pennsylvania real estate licensee owing to fraud, misrepresentation, or deceit in a real estate transaction and who has been unable to collect the judgment after exhausting all legal and equitable remedies. For complete details about the Fund, call (717)783-3658.

ACKNOWLEDGEMENT

I acknowledge that I have received this disclosure.

• _________________________
• Date
• _________________________
• Consumer (Print)
• _________________________
• Consumer (Signed)
• _________________________
• Consumer (Print)
• _________________________
• Consumer (Signed)

• _________________________
• Address (Optional)
• _________________________
• Address (Optional)

• _________________________
• Phone Number (Optional)
• _________________________
• Phone Number (Optional)

I certify that I have provided this document to the above consumer during the initial interview.

• _________________________
• Date
• _________________________
• Signed (Licensee)
• _________________________
• Signed (Licensee)

Adopted by the State Real Estate Commission at 49 Pa. Code 35.336

LEGAL COMPLIANCE

The following is a brief summary of The Murray Agency, Inc.’s (“The Murray Agency”) legal compliance efforts and some of the laws that may be applicable to its business. The following summary is not intended to be comprehensive. For example, not all potentially applicable consumer laws are discussed below. The consumer laws discussed below also may contain certain requirements and/or exceptions to their application, which may not be discussed below. Please consult the laws for a complete explanation of their requirements and application.

The Murray Agency is committed to complying with applicable federal, state and local laws, including applicable consumer laws.

The Murray Agency maintains the licenses and registrations required under the Pennsylvania Real Estate Licensing and Registration Act for it to conduct its business. Among other requirements, Pennsylvania law requires real estate brokers and salespersons to advise consumers of the business relationships permitted by the Real Estate Licensing and Registration Act. Please see the Consumer Notice for further information.

The Murray Agency also is a member of various trade associations, including the Pennsylvania Association of Realtors.

Nothing in this www.MurrayAgencyRentals.com website is intended to be, nor should it be construed as, a solicitation for real estate business in any jurisdiction in which The Murray Agency does not maintain any required license or registration necessary to conduct such business in the jurisdiction.

In addition to other federal, state and local laws, The Murray Agency also has taken steps to comply with the Real Estate Settlement Procedures Act (known as “RESPA”), which is a federal statute that was enacted by Congress in 1974. A federal regulation implementing RESPA (known as “Regulation X”) also has been promulgated by the United States Department of Housing and Urban Development (“HUD”). HUD is the federal agency charged with administering and enforcing RESPA, Regulation X and their requirements.

RESPA was enacted to provide consumers with greater and more timely information on the nature and costs of the home buying/settlement process, and to protect consumers from unnecessarily high settlement charges caused by certain practices believed to be abusive. Among other requirements, RESPA and Regulation X prohibit the payment or receipt of “any fee, kickback or thing of value” (i.e., a referral fee) in exchange for the referral of settlement service business. Settlement service business includes, among other services, loan origination services such as taking applications, obtaining income verifications and communicating with a borrower or lender. RESPA and Regulation X permit reasonable payments to affiliates and third parties for services actually performed in the origination, processing or funding of a loan.

The Graham-Leach-Bliley Act, and its implementing regulations (collectively, “GLBA”), are other federal laws with which The Murray Agency has taken steps to comply. The GLBA prohibits The Murray Agency from disclosing nonpublic personal information about its customers to third parties, unless The Murray Agency provides certain notices to its customers or The Murray Agency discloses such nonpublic personal information pursuant to an applicable exception provided under the GLBA. Please see The Murray Agency ‘s Privacy Statement for a description of our policy with regard to the use and/or privacy of such information.

The Murray Agency has devoted time and effort to developing and reviewing compliance programs, consistent with its commitment to comply with applicable federal, state and local laws. The Murray Agency, however, cannot provide legal advice to you and you should not rely on us to do so. The Murray Agency makes no representations or warranties, express or implied, regarding its compliance with applicable federal, state and local laws, and The Murray Agency disclaims and negates all such representations and warranties, including without limitation, any implied warranties of merchantability and fitness for a particular purpose, in each case to the fullest extent not prohibited by applicable law.