Information About Brokerage ServicesTexas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.
TYPES OF REAL ESTATE LICENSE HOLDERS:• A BROKER is responsible for all brokerageactives, including acts performed by salesagents sponsored by the broker.• A SALES AGENT must be sponsored by abroker and works with clients on behalf of thebroker.
A BROKER’S MINIMUM DUTIES REQUIRED BYLAW (A client is the person or party that thebroker represents):• Put the interests of the client above all others,including the broker’s own interests;• Inform the client of any material informationon about the property or transaction receivedby the broker;• Answer the client’s questions and presentany offer to or counter-offer from the client;and• Treat all par es to a real estate transactionhonestly and fairly.
A LICENSE HOLDER CAN REPRESENT A PARTYIN A REAL ESTATE TRANSACTION:
AS AGENT FOR OWNER (SELLER/LANDLORD):The broker becomes the property owner’s agentthrough an agreement with the owner, usually in awritten listening to sell or property managementagreement. An owner’s agent must perform thebroker’s minimum duties above and must inform theowner of any material information about the propertyor transaction known by the agent, includinginformation disclosed to the agent or subagent bythe buyer or buyer’s agent.
AS AGENT FOR BUYER/TENANT: The brokerbecomes the buyer/tenant’s agent by agreeingto represent the buyer, usually through a writtenrepresentation agreement. A buyer’s agent mustperform the broker’s minimum duties above andmust inform the buyer of any material informationabout the property or transaction known by theagent, including information disclosed to the agentby the seller or seller’s agent.
AS AGENT FOR BOTH - INTERMEDIARY: To actas an intermediary between the par es the brokermust first obtain the written agreement of each partyto the transaction. The written agreement must
state who will pay the broker and, in conspicuousbold or underlined print, set forth the broker’sobligations as an intermediary. A broker who acts asan intermediary:• Must treat all par es to the transactionimpartially and fairly;• May, with the par es’ written consent, appointa different license holder associated with thebroker to each party (owner andbuyer) to communicate with, provide opinionsand advice to, and carry out the instructionsof each party to the transaction.• Must not, unless specifically authorized inwriting to do so by the party, disclose:° that the owner will accept a price lessthan the written asking price;° that the buyer/tenant will pay a pricegreater than the price submitted in awritten offer; and° any confidential information or any otherinformation that a party specificallyinstructs the broker in writing not todisclose, unless required to do so by law.
AS SUBAGENT: A license holder acts as a subagentwhen aiding a buyer in a transaction without anagreement to represent the buyer. A subagent canassist the buyer but does not represent the buyerand must place the interests of the owner first.
TO AVOID DISPUTES, ALL AGREEMENTSBETWEEN YOU AND A BROKER SHOULD BE INWRITING AND CLEARLY ESTABLISH:• The broker’s duties and responsibilitiesto you, and your obligations under therepresentation agreement.• Who will pay the broker for services providedto you, when payment will be made and howthe payment will be calculated.
LICENSE HOLDER CONTACT INFORMATION:This notice is being provided for informationpurposes. It does not create an obligation for youto use the broker’s services. Please acknowledgereceipt of this notice below and retain a copy foryour records.
Licensed Broker /Broker Firm Name or Primary Assumed Business Name License No.
License No.
License No.
License No.
Buyer/Tenant/Seller/Landlord Initials
Email
Email
Email
Email
Phone
Phone
Phone
Phone
Phone
Designated Broker of Firm
Licensed Supervisor of Sales Agent/ Associate
Sales Agent/Associate’s Name
Regulated By The Texas Real Estate Commission Information available at www.trec.texas.gov IABS 1-0
