Texas law requires all real
estate licensees to give the following information about
brokerage services to prospective buyers, tenants, sellers
and landlords.
Information About Brokerage Services
Before working with a real estate broker, you should know
that the duties of a broker depend on whom the broker
represents. If you are a prospective seller or landlord
(owner) or a prospective buyer or tenant (buyer), you should
know that the broker who lists the property for sale or
lease is the owner's agent. A broker who acts as a subagent
represents the owner in cooperation with the listing broker.
A broker who acts as a buyer's agent represents the buyer. A
broker may act as an intermediary between the parties if the
parties consent in writing. A broker can assist you in
locating a property, preparing a contract or lease, or
obtaining financing without representing you. A broker is
obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER: The broker
becomes the owner's agent by entering into an agreement with
the owner, usually through a written listing agreement, or
by agreeing to act as a subagent by accepting an offer of
sub agency from the listing broker. A subagent may work in a
different real estate office. A listing broker or subagent
can assist the buyer but does not represent the buyer and
must place the interests of the owner first. The buyer
should not tell the owner's agent anything the buyer would
not want the owner to know because an owner's agent must
disclose to the owner any material information known to the
agent.
IF THE BROKER REPRESENTS THE BUYER: The broker
becomes the buyer's agent by entering into an agreement to
represent the buyer, usually through a written buyer
representation agreement. A buyer's agent can assist the
owner but does not represent the owner and must place the
interests of the buyer first. The owner should not tell a
buyer's agent anything the owner would not want the buyer to
know because a buyer's agent must disclose to the buyer any
material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may
act as an intermediary between the parties if the broker
complies with The Texas Real Estate License Act. The broker
must obtain the written consent of each party to the
transaction to act as an intermediary. The written consent
must state who will pay the broker and, in conspicuous bold
or underlined print, set forth the broker's obligations as
an intermediary. The broker is required to treat each party
honestly and fairly and to comply with The Texas Real Estate
License Act. A broker who acts as an intermediary in a
transaction:
(1) shall treat all parties honestly;
(2) may not disclose that the owner will accept a price less
than the asking price unless authorized in writing to do so
by the owner;
(3) may not disclose that the buyer will pay a price greater
than the price submitted in a written offer unless
authorized in writing to do so by the buyer; and
(4) may not disclose any confidential information or any
information that a party specifically instructs the broker
in writing not to disclose unless authorized in writing to
disclose the information or required to do so by The Texas
Real Estate License Act or a court order or if the
information materially relates to the condition of the
property.
With the parties' consent, a broker acting as an
intermediary between the parties may appoint a person who is
licensed under The Texas Real Estate License Act and
associated with the broker to communicate with and carry out
instructions of one party and another person who is licensed
under that Act and associated with the broker to communicate
with and carry out instructions of the other party.
If you choose to have a broker represent you, you should
enter into a written agreement with the broker that clearly
establishes the broker's obligations and your obligations.
The agreement should state how and by whom the broker will
be paid. You have the right to choose the type of
representation, if any, you wish to receive. Your payment of
a fee to a broker does not necessarily establish that the
broker represents you. If you have any questions regarding
the duties and responsibilities of the broker, you should
resolve those questions before proceeding.
Real estate licensee asks
that you acknowledge receipt of this information about
brokerage services for the licensee's records. Texas Real
Estate Brokers and Salespersons are licensed and regulated
by the Texas Real Estate Commission (TREC). If you have a
question or complaint regarding a real estate licensee, you
should contact TREC at P.O. Box 12188, Austin, Texas
78711-2188 or 512-465-3960.
Approved by
the Texas Real Estate Commission for Voluntary Use
|
is
a service mark of The Prudential Insurance Company of America.
Equal Housing Opportunity 
