Section 1029.14. Broker conduct and obligations

(a) A broker may not give assurances or advice concerning an aspect of rights subject to sale that the broker knows, or reasonably should be expected to know, is incorrect, inaccurate or improbable.

(b) A broker is not required to independently verify the accuracy or completeness of any representation made by the clients to a sale which the broker reasonably believes to be accurate and reliable.

(c) A broker is not liable for the acts of a client unless the client is acting at the express direction of the broker or as a result of a representation by a broker reasonably relied on by the client.

(d) A broker shall keep and maintain records related to its clients and each sale in which it participates in any manner as provided in § 1011.11 (relating to record retention), including the following records:

(1) The names and addresses of buyers, sellers, lenders or lienholders, if any.

(2) The purchase price.

(3) The amount of deposit paid on the contract.

(4) The amount of commission paid to the broker.

(5) The expenses of procuring financing, if any.

(6) Closing statements.

(e) Upon suspension or cancellation of a broker’s registration with the Authority, no other broker may use the services of the former broker, as an employee or otherwise, to perform broker related services.

(f) An advertisement placed by a broker related to the sale of rights subject to the act must indicate that the advertiser is a registered broker. A broker may not use deceptive or misleading advertising.