Current through Register Vol. 49, No. 18, September 16, 2024
PURPOSE: This amendment enacts legislative changes
effective August 28, 2021 that restricts real estate advertisement by
unlicensed entities and use of certain terms that leads the general public to
believe the unlicensed entity is a licensed real estate firm.
(1) Disclosure.
(A) A licensee shall not advertise to sell, buy, exchange, rent,
lease or manage property in any manner indicating that the offer to sell, buy,
exchange, rent, lease or manage the property is being made by a private party
not engaged in the real estate business. If any part of the offering,
negotiation or completion of a real estate transaction is to be handled by,
through or under the direction or supervision of a licensee, directly or
indirectly, the licensee shall not advertise or represent to the public in any
manner that the property is for sale or lease by the owner.
(B) If a licensee advertises to sell, buy,
exchange, rent, lease or manage property in which the licensee has an interest,
and if the property is not listed by a brokerage entity, the advertisement
shall contain, in a prominent fashion, one (1) of the following:
1. By owner-broker;
2. By owner-salesperson; or
3. By owner-agent.
(C) Nothing in this section shall be
construed to eliminate the disclosure requirements found elsewhere in these
rules, including those contained in
20 CSR
2250-8.110.
(2) No real estate advertisement by a licensee shall show only a
post office box number, telephone number or street address. Every advertisement
of real estate by a licensee shall contain the broker's regular business name
or the name under which the broker or the broker's firm is licensed and shall
indicate that the party advertising is a real estate broker and not a private
party.
(3) Every advertisement of
real estate by a licensee where the licensee has no interest in the real estate
shall be made under the direct supervision and in the name of the broker or
firm who holds the licensee's license. If the licensee's name or telephone
number, or both, is used in any advertisement, the advertisement also shall
include the name and telephone number of the broker or firm who holds the
licensee's license.
(4) No licensee
shall advertise to buy, sell, rent, lease, manage or exchange property in any
manner that indicates, directly or indirectly, any unlawful discrimination
against any individual or group because of race, color, religion, national
origin, ancestry, sex, handicap or familial status.
(5) No licensee or group of licensees shall
advertise as a real estate company in any manner, or use any name, team name,
or other term that could be construed by members of the public as the
advertiser being a real estate partnership, company, brokerage, or business
entity, unless the advertiser holds a valid appropriate entity license.
(A) Such terms include use of the words
realty, brokerage, company, or other terms that may be construed as a real
estate entity.
(B) The context of
the advertisement or solicitation may be considered by the commission when
determining whether a licensee has committed a violation. When the licensee's
or group of licensee's name includes or incorporates the name of the
broker/brokerage with whom the licensee or group of licensee's is currently
affiliated, the use of the words realty, brokerage, or company in the
licensee's fictitious name shall not constitute a violation of subsection
(5)(A) above when these words are used to refer to or identify the licensee's
affiliation with the broker/brokerage.
(C) A licensee or group of licensees that are
not entities under Chapter 339, RSMo, who want to advertise with the licensee's
or group's fictitious name, should file with the secretary of state a
registered fictitious name that is owned by the broker/brokerage in which the
licensee or group of licensees are affiliated. The registration of a fictitious
name with the Missouri Secretary of State's Office does not exempt a licensee
or group of licensees from the requirements of 20 CSR 2250-8.070(3) or
subsection (5)(A) above.
(6) Guaranteed Sales.
(A) As used in this rule, the term guaranteed
sales plan includes, but is not limited to:
1. Any plan in which a seller's real estate is
guaranteed to be sold; or
2. Any
plan where a licensee or anyone affiliated with a licensee will purchase a
seller's real estate if it is not purchased by a third party in the specified
period of a listing or within some other specified period of time.
(B) Any written advertisement by a
licensee of a guaranteed sales plan shall include a statement advising the
seller that if the seller is eligible, costs and conditions may apply and
advising the seller to inquire of the licensee as to the terms of the
guaranteed sales agreement. This information shall be set forth in print at
least one-fourth (1/4) as large as the largest print in the
advertisement.
(C) Any radio or
television advertisement by a licensee of a guaranteed sales plan shall include
a conspicuous statement advising if any conditions and limitations
apply.
(D) Every guaranteed sales
agreement must be in writing and contain all of the conditions and other terms
under which the property is guaranteed to be sold or purchased including the
charges or other costs for the service or plan, the price for which the
property will be sold or purchased, and the approximate net proceeds the seller
may reasonably expect to receive.
*Original authority: 339.100, RSMo 1941, amended 1978,
1993, 2004, 2005, 2006, 2007 and 339.120, RSMo 1941, amended 1963, 1967, 1981,
1988, 1993, 1995, 1999, 2004.
