11-2-2015
TYPES OF REAL ESTATE LICENSE HOLDERS:
A BROKER is responsible for all brokerage acvies, including acts performed by sales agents sponsored by the broker.
A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.
A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):
Put the interests of the client above all others, including the broker’s own interests;
Inform the client of any material informaon about the property or transacon received by the broker;
Answer the client’s quesons and present any oer to or counter-oer from the client; and
Treat all pares to a real estate transacon honestly and fairly.
A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:
AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the
owner, usually in a wrien lisng to sell or property management agreement. An owner's agent must perform the broker’s minimum
dues above and must inform the owner of any material informaon about the property or transacon known by the agent, including
informaon disclosed to the agent or subagent by the buyer or buyer’s agent.
AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a
wrien representaon agreement. A buyer's agent must perform the broker’s minimum dues above and must inform the buyer of any
material informaon about the property or transacon known by the agent, including informaon disclosed to the agent by the seller or
seller’s agent.
AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the pares the broker must rst obtain the wrien
agreement of each party to the transacon. The wrien agreement must state who will pay the broker and, in conspicuous bold or
underlined print, set forth the broker's obligaons as an intermediary. A broker who acts as an intermediary:
Must treat all pares to the transacon imparally and fairly;
May, with the pares' wrien consent, appoint a dierent license holder associated with the broker to each party (owner and
buyer) to communicate with, provide opinions and advice to, and carry out the instrucons of each party to the transacon.
Must not, unless specically authorized in wring to do so by the party, disclose:
ᴑ that the owner will accept a price less than the wrien asking price;
ᴑ that the buyer/tenant will pay a price greater than the price submied in a wrien oer; and
ᴑ any condenal informaon or any other informaon that a party specically instructs the broker in wring not to
disclose, unless required to do so by law.
AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transacon without an agreement to represent the
buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner rst.
TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:
The broker’s dues and responsibilies to you, and your obligaons under the representaon agreement.
Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.
LICENSE HOLDER CONTACT INFORMATION: This noce is being provided for informaon purposes. It does not create an obligaon for
you to use the broker’s services. Please acknowledge receipt of this noce below and retain a copy for your records.
Information About Brokerage Services
Texas law requires all real estate license holders to give the following informaon about
brokerage services to prospecve buyers, tenants, sellers and landlords.
.
Designated Broker of Firm License No. Email Phone
Licensed Supervisor of Sales Agent/
Associate
License No. Email Phone
Licensed Broker /Broker Firm Name or
Primary Assumed Business Name
License No. Email Phone
Regulated by the Texas Real Estate Commission Informaon available at www.trec.texas.gov
IABS 1-0
Date Buyer/Tenant/Seller/Landlord Initials
Sales Agent/Associate’s Name License No. Email Phone
