transaction may be given almost equivalent treatment as a single agency. (12) agency’ means a form of agency in which a real ‘Dual estate brokerage firm with two clients in the same transaction gives limited agency services. (13) means a system for sending and receiving a ‘Email’ message electronically over a computer network and a message sent or received by the system. (14) means an individual currently licensed under ‘Licensee’ this chapter. (15) function referral office’ means a brokerage where ‘Limited the office policy allows only the placement of referrals through the brokerincharge. (16) adverse fact’ means: ‘Material (a) a condition or occurrence that is generally recognized as: (i) significantly and adversely affecting the value of the real estate; (ii) significantly reducing the structural integrity of improvements to real estate; or (iii) presenting a significant health risk to occupants of the real estate; or (b) information that indicates that a party to a transaction is not able to or does not intend to meet an obligation under a contract or agreement made concerning the transaction. (17) act’ an act performed by a licensee not ‘Ministerial involving an exercise of discretion or judgment of a licensee on behalf of a person who is not a client and that assists the nonclient to consummate a real estate transaction. (18) means the office location where a brokerincharge ‘Office’ or a property managerincharge is licensed to conduct real estate business. (19) trust account’ means an escrow account or ‘Personal demand deposit bank account properly designated and titled to include the words or that is established and ‘trust’ ‘escrow’ maintained by a licensee to safeguard funds belonging to parties to a real estate transaction when the transaction involves the licensee’s personal real estate and the real estate is not managed or listed through a real estate brokerage firm. (20) manager’ an associated licensee who meets ‘Property educational requirements and passes the examination for a property manager license, and who will for a fee, salary, commission, other valuable consideration or with the intent or expectation of receiving compensation:
transaction may be given almost equivalent treatment as a single agency. (12) ‘Dual agency’ means a form of agency in which a real estate brokerage firm with two clients in the same transaction gives limited agency services. (13) ‘Email’ means a system for sending and receiving a message electronically over a computer network and a message sent or received by the system. (14) ‘Licensee’ means an individual currently licensed under this chapter. (15) ‘Limited function referral office’ means a brokerage where the office policy allows only the placement of referrals through the brokerincharge. (16) ‘Material adverse fact’ means: (a) a condition or occurrence that is generally recognized as: (i) significantly and adversely affecting the value of the real estate; (ii) significantly reducing the structural integrity of improvements to real estate; or (iii) presenting a significant health risk to occupants of the real estate; or (b) information that indicates that a party to a transaction is not able to or does not intend to meet an obligation under a contract or agreement made concerning the transaction. (17) ‘Ministerial act’ an act performed by a licensee not involving an exercise of discretion or judgment of a licensee on behalf of a person who is not a client and that assists the nonclient to consummate a real estate transaction. (18) ‘Office’ means the office location where a brokerincharge or a property managerincharge is licensed to conduct real estate business. (19) ‘Personal trust account’ means an escrow account or demand deposit bank account properly designated and titled to include the words ‘trust’ or ‘escrow’ that is established and maintained by a licensee to safeguard funds belonging to parties to a real estate transaction when the transaction involves the licensee’s personal real estate and the real estate is not managed or listed through a real estate brokerage firm. (20) ‘Property manager’ an associated licensee who meets educational requirements and passes the examination for a property manager license, and who will for a fee, salary, commission, other valuable consideration or with the intent or expectation of receiving compensation:
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