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INFORMATION ABOUT BROKERAGE SERVICES
Texas law requires all real estate licensees to give the following information
about brokerage services to prospective buyers, tenants, sellers and landlords.
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/landlord or a prospective buyer/tenant, you should know that the broker who lists the property for sale or lease is the seller/landlord’s
agent. A broker who acts as a subagent represents the seller/landlord in cooperation with the listing broker. A broker who acts as a buyer/tenant’s
agent represents the buyer/tenant. 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 SELLER/LANDLORD:
The broker becomes the seller/landlord’s agent by entering into an agreement with the seller/landlord, usually through a written listing agreement,
or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office.
A listing broker or subagent can assist the buyer/tenant but does not represent the buyer/tenant and must place the interests of the seller/
landlord first. The buyer/tenant should not tell the seller/landlord’s agent anything the buyer/tenant would not want the seller/landlord to know
because a seller/landlord’s agent must disclose to the seller/landlord any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER/TENANT:
The broker becomes the buyer/tenant’s agent by entering into an agreement to represent the buyer/tenant, usually through a written buyer/tenant
representation agreement. A buyer/tenant’s agent can assist the seller/landlord but does not represent the owner/landlord and must place the interests
of the buyer/tenant first. The seller/landlord should not tell a buyer/tenant’s agent anything the seller/landlord would not want the buyer/tenant
to know because a buyer/tenant’s agent must disclose to the buyer/tenant 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 seller/landlord will accept a price less than the asking price unless authorized in writing to do so by the seller/
landlord;
3) may not disclose that the buyer/tenant will pay a price greater than the price submitted in a written offer unless authorized in writing to
do so by the buyer/tenant; 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.
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Buyer, Seller, Landlord or Tenant Date
Texas Real Estate Brokers and Salesmen 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