Dual Agency Law in the Aftermath of the California Supreme Court s Landmark Horiike Decision. BASF Real Property Section September 13, 2017
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1 Dual Agency Law in the Aftermath of the California Supreme Court s Landmark Horiike Decision BASF Real Property Section September 13, 2017
2 SPEAKERS Sean Ponist Ponist Law Group, P.C. Alex Weyand Weyand Law Firm, A Professional Corporation Harold Justman Justman Associates
3 BACKGROUND Agency Law
4 Sources of Duty for Agents Contract law Agency law Regulatory statutes.
5 Contract Law The existence and extent of the duties of the agent to the principal are determined by the terms of the agreement between the parties, interpreted in light of the circumstances under which it is made, except to the extent that fraud, duress, illegality, or the incapacity of one or both of the parties to the agreement modifies it or deprives it of legal effect. (Carleton v. Tortosa (1993) 14 Cal.App.4 th 745, 755.)
6 Agency Law and Regulatory Statute The general principles of agency combine with the statutory duties created by the Real Estate Law. (Alhino v. Starr (1980) 112 Cal.App.3 rd 158, 169.) Real estate brokers are subject to two sets of duties: those imposed by regulatory statutes, and those arising from the general law of agency. (Carleton v. Tortosa, Id., at 755.)
7 Agency Code Sections CIVIL CODE - CIV DIVISION 3. OBLIGATIONS PART 4. OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS TITLE 9. AGENCY Sections
8 Regulatory Statutes Applicable to Dual Agency CIVIL CODE - CIV DIVISION 3. OBLIGATIONS PART 4. OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS TITLE 6. SERVICE CHAPTER 3. Service Without Employment ARTICLE 2. Duty to Prospective Purchaser of Real Property [ ]
9 CACI 4107 Duty of Disclosure by Real Estate Broker to Client As a fiduciary, a real estate broker must disclose to his or her client all material information that the broker knows or could reasonably obtain regarding the property or relating to the transaction. The facts that a broker must learn, and the advice and counsel required of the broker, depend on the facts of the transaction, the knowledge and experience of the client, the questions asked by the client, the nature of the property, and the terms of sale. The broker must place himself or herself in the position of the client and consider the type of information required for the client to make a well-informed decision. [A real estate broker cannot accept information received from another person, such as the seller, as being true, and transmit it to his or her client without either verifying the information or disclosing to the client that the information has not been verified.]
10 Dual Agency As used in Sections , and to , inclusive, the following terms have the following meanings: (a) Agent means a person acting under provisions of Title 9 (commencing with Section 2295) in a real property transaction, and includes a person who is licensed as a real estate broker under Chapter 3 (commencing with Section 10130) of Part 1 of Division 4 of the Business and Professions Code, and under whose license a listing is executed or an offer to purchase is obtained.
11 Dual Agency (cont.) As used in Sections , and to , inclusive, the following terms have the following meanings: (b) Associate licensee means a person who is licensed as a real estate broker or salesperson.
12 Dual Agency (cont.) As used in Sections , and to , inclusive, the following terms have the following meanings: (e) Dual agent means an agent acting, either directly or through an associate licensee, as agent for both the seller and the buyer in a real property transaction.
13 Horiike Decision
14 Notable Citations in Horiike We believe that a dual agent has fiduciary duties to both the buyer and seller. In Field v. Century 21 Klowden-Forness Realty (1998) 63 Cal.App.4 th 18, (Assilzadeh v. California Federal Bank (2000) 82 Cal.App. 4 th 388, )
15 Notable Citations in Horiike [T]there is no clear line establishing when a fiduciary s breach of the duty of care will be merely negligent and when it may be characterized as constructive fraud. However, a breach of a fiduciary duty usually constitutes constructive fraud. (Citation.) (Salahutdin v. Valley of California, Inc. (1994) 24 Cal.App.4 th 555, 563. )
16 Impact of Horiike on Real Estate Brokerage Practice
17 Civil Code section The standard of care owed by a broker under this article is the degree of care that a reasonably prudent real estate licensee would exercise and is measured by the degree of knowledge through education, experience, and examination, required to obtain a license under Division 4 (commencing with Section 10000) of the Business and Professions Code.
18 Civil Code section 2332 As against a principal, both principal and agent are deemed to have notice of whatever either has notice of, and ought, in good faith and the exercise of ordinary care and diligence, to communicate to the other.
19 CAR Statewide Buyer and Seller Disclaimers Useful? Advisory a Panacea? Does the Advisory modify any agency agreement?
20 Increased Use of Certain CAR Forms? Buyer Representation Agreement? Buyer Material Issues form?
21 Legislative Proposals in Response to Horiike Common Law and Statutory Disclosure Obligations of Seller Trustee
22 Trial Impact
23 Pleading & Discovery Complaint allegations Document Requests Depositions Interrogatories
24 Motions in Limine Plaintiff: Constructive Fraud case only v. Negligence & Constructice Fraud Defendant: If only Constructive Fraud, Standard of Practice
25 Experts
26 Jury Instructions Constructive Fraud Addressed by CACI? CACI 1901 Concealment suffice?
27 Two Articles of Interest Horiike v. Coldwell Banker: Pinning Down One Aspect of Fiduciary Duty, Rafael Chodos, Cal. Real Property Journal, Vol. 35, Number 1, 2017 (State Bar of California, Real Property Section); and, Case Comment: Horiike v. Coldwell Banker Reaffirming the Broker-Agent Relationship, Thomas N. Jacobson, Cal. Real Property Journal, Vol. 35, Number 2, 2017 (State Bar of California, Real Property Section).
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