Which type of property does the broker relationship disclosure act NOT apply to?

The broker relationship disclosure act is designed to provide clarity regarding the relationships and duties of real estate brokers in specific interactions with clients. This act generally focuses on residential transactions and leasing arrangements, as they tend to involve individuals who may not be as familiar with the complexities of real estate transactions.

Non-residential transactions, which include commercial and industrial properties, do not fall under the same regulatory requirements imposed by the broker relationship disclosure act. This is primarily because the parties involved in non-residential transactions are usually assumed to possess a higher level of sophistication and understanding of the market dynamics compared to typical residential buyers or renters. As a result, the act does not necessitate the same level of disclosure or relationship formalization for these types of transactions, allowing brokers and their clients to engage with more flexibility in the negotiation and transaction process.