(1) Prior to entering into a written agreement to provide real estate brokerage services or completing, or directing the completion of, a contract, offer, or lease for a real estate transaction:
(a) The licensee shall complete and deliver the Agency Consent Agreement to the prospective client; and
(b) Seek and obtain written consent to the Agency Consent Agreement from the prospective client.
(2) The commission’s Agency Consent Agreement shall provide:
(a) The first and last name of the client, the first and last name of the licensee or licensee’s and principal broker, and the full name of the real estate brokerage company;
(b) The specific agency relationship proposed between the principal broker of the real estate brokerage company, and any affiliated licensee of the real estate brokerage company, and the prospective client;
(c) If applicable, any known business, family, or personal relationship the licensee has with another party to the contemplated transaction who is not a party to the Agency Consent Agreement and an explanation of the nature of the relationship or relationships;
(d) Whether the transaction involves an unrepresented party; and
(e) Disclosure of prior contact with a former prospective client who is involved in the presently contemplated real estate transaction.
(3) The Agency Consent Agreement shall be updated, and written consent obtained, if the agency relationship initially established later changes.
(4) The provisions of this section shall not apply to a:
(a) Sale of real estate at auction; or
(b) Commercial transaction.
(5) The form of agency identified in the most recent Agency Consent Agreement shall terminate upon either:
(a) The provision of the agreed upon services; or
(b) At the closing of the contemplated real estate transaction.