Key Takeaways
- Missouri requires the Broker Disclosure Form to be provided at the earliest practicable opportunity during first substantive contact
- The form must be provided before obtaining any personal or financial information from a consumer
- The Commission-prescribed Broker Disclosure Form explains the types of brokerage services available
- Licensees must disclose all adverse material facts actually known or that should have been known
- Agency relationships are created by written agreement, not by the disclosure form itself
Missouri Broker Disclosure Requirements
Missouri requires real estate licensees to make specific disclosures to consumers about brokerage relationships and property conditions.
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Broker Disclosure Form (20 CSR 2250-8.097)
The Broker Disclosure Form is a Commission-prescribed form that must be provided to consumers.
When to Provide
The form must be provided at the earliest practicable opportunity:
| Trigger | Requirement |
|---|---|
| First substantive contact | During or following initial contact |
| Before personal/financial info | Before obtaining confidential information |
| Before brokerage agreement | Before signing representation agreement |
| Whichever occurs first | Any of the above |
Key Rule: A licensee shall provide the Broker Disclosure Form upon obtaining any personal or financial information or before signing a brokerage service agreement, whichever occurs first.
Who Receives the Form
The Broker Disclosure Form must be provided to:
- Sellers
- Landlords
- Buyers
- Tenants
Exception: If a party has already entered into a written agreement for services with a designated broker, no other licensee is required to provide the disclosure.
What the Form Discloses
Information Explained
| Topic | Description |
|---|---|
| Types of relationships | Seller's agent, buyer's agent, dual agency, transaction broker |
| Duties in each relationship | What the licensee will and won't do |
| How agency is created | Written agreement required |
| Compensation | Compensation does not determine agency |
Duties to Customers
A licensee acting as a seller's or landlord's agent owes specific duties to customers (non-clients):
Material Fact Disclosure
Licensees must disclose to any customer:
| Requirement | Description |
|---|---|
| Adverse material facts | Known facts affecting value or desirability |
| Should have been known | Facts a reasonably diligent licensee would know |
| Property condition | Known defects or issues |
| Environmental hazards | Flood history, mold, contamination |
Important: "Should have been known" creates a duty of reasonable diligence, not just disclosure of actual knowledge.
Agency Relationship Types
Missouri recognizes several types of brokerage relationships:
1. Seller's Agent (Listing Agent)
| Duty | Description |
|---|---|
| Represents | Seller exclusively |
| Owes fiduciary duties | To seller |
| Duties to buyer | Honesty, disclose material facts |
2. Buyer's Agent
| Duty | Description |
|---|---|
| Represents | Buyer exclusively |
| Owes fiduciary duties | To buyer |
| Duties to seller | Honesty, disclose material facts |
3. Disclosed Dual Agent
| Duty | Description |
|---|---|
| Represents | Both buyer and seller |
| Requirements | Written consent from both parties |
| Limitations | Cannot advocate for either party |
4. Transaction Broker
| Duty | Description |
|---|---|
| Represents | Neither party |
| Role | Facilitates transaction only |
| Duties | Honesty, fairness, disclosure |
Documentation Requirements
Form Retention
| Document | Retention Period |
|---|---|
| Broker Disclosure Form | Per brokerage policy |
| Signed agreements | 5 years minimum |
| Transaction records | 5 years minimum |
When must a Missouri licensee provide the Broker Disclosure Form?
What must a licensee acting as a seller's agent disclose to a buyer (customer)?