"Under the proposed bill, a broker is not allowed to market the sale or lease of a residential property to a limited or exclusive group of prospective buyers or brokers, without simultaneously marketing the property to the general public and all other brokers. Additionally, the bill also states that brokers who represent a seller must market residential property to all members of the public and all other brokers and may not market the property to an exclusive group of buyers or brokers."
"However, the bill includes a carve out to permit the limited marketing of a property, allowing for the practice when it is reasonably necessary to protect the health or safety of the owner or occupant. Washington Realtors has come out in support of the bill, which has bipartisan support and is sponsored by State Senators Marko Liias (D), Chris Gildon (R), Jessica Bateman (D), Emily Alvarado (D) and John Braun (R)."
The proposed legislation requires brokers to market residential properties publicly and to all other brokers rather than to limited or exclusive groups of prospective buyers or brokers. Brokers representing sellers must make listings available to all members of the public and all other brokers, with a carve-out permitting limited marketing when reasonably necessary to protect owner or occupant health or safety. Washington Realtors supports the measure and frames it as promoting transparency, fairness and equal access in the residential market. The bill has bipartisan sponsors in the state senate, and similar legislative action has occurred in other states addressing private listing networks.
Read at www.housingwire.com
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