|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 tha 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 subagency 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
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 informatin 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 transation 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 transation:
shall treal all parties honestly:
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;
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
may not disclose any confidential
information or any informatin that a party specifically instructs the broker
in writing not to disclose unless authorized in writing to disclose the
informatin 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 Lacense 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 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. You payment of a fee to a
broker dows not necessarily estabish that the broker represnts you. If
you have any questions regarding the duties and responsibilities of the
broker, you should resolve those questions before proceeding.