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Guam Legislature advances bill requiring written brokerage agreements in real estate transactions
Summary
The Legislature moved Bill 77‑38 COR to the third‑reading file after sponsors said the measure would require written brokerage agreements for all licensed real‑estate brokers and salespeople, aiming to increase transparency and consumer protection.
Senator Tariqiu on the floor moved to place Bill 77‑38 COR, which would add a new section to Guam law to require that all real‑estate brokerage agreements be in writing, onto the third‑reading file. The bill’s author said the measure requires a written agreement executed before the start of brokerage services and that the agreement must state essential terms such as start and end dates, compensation arrangements and cancellation provisions.
The bill’s sponsor said the proposal aligns Guam with practices in more than 25 U.S. jurisdictions and noted industry testimony supporting the change. "This bill strengthens fairness, transparency, consumer protection in Guam's real estate industry by requiring that…
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