Menu
There has always been that one house in town that you drive-by constantly and sayif itever came on the market, I would buy it. Oneday that actuallyhappens.Doyou call your realtor friend or decide not to bother her and call the agent on the sign?Believe me, when I say, call your realtor.
These are the types of Real Estate License Holders in Texas.
ABROKERis responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker.
ASALES AGENTmust 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 information about the property or transaction received by the broker; Answer the client's questions and present any offer to or counter-offer from the client; and Treat all parties to a real estate transaction honestly and fairly.
AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer's agent must perform the broker's minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller's agent
AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner's agent must perform the broker's minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer's agent.
If you're selling your home and hiring an agent to list it exclusively, you've hired a sellersrepresentative--an agent who owes fiduciary duties to you. Typically, you pay a selling agent a commission at closing. Selling agents usuallyagree to pay a portion of their sales commission to the buyer's agent. If your seller's agent brings in a buyer, your agent can keepthe entire commission.
AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer butdoes notrepresent the buyer and must place the interests of the owner first.
When you purchase a home, and you do not sign a buyers representation, the agent you work with is notyour agent at all, but instead may be a subagent of the seller. In general, a subagent represents and acts in the best interest of the sellers and sellers' agent.
If your agent is acting as a subagent, you can expect to be treated honestly, but the subagent owes loyalty to the sellers and their agent and can't put your interests above those of the sellers.
Never tell a subagent anything you don't want the sellers to know. Maybe you offered $150,000 for a home but are willing to go up to $160,000. That's the type of information subagents would be required to pass on to their clients, the sellers.
AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary.
A broker who acts as an intermediary:
Must treat all parties to the transaction impartially and fairly; May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction.
Must not, unless specifically authorized in writing to do so by the party, disclose: that the owner will accept a price less than the written asking price; that the buyer/tenant will pay a price greater than the price submitted in a written offer; and any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law.
Why would you agree to an Intermediary? Suppose you want to buy a house that's listed for sale by the same real estate brokerage where your buyer's agent works. In that case, the real estate brokerage would be representing both you and the seller and you'd both have to agree to that.
Because there's apotential for conflicts of interest with Intermediaryagency, all parties must give their informed consent. In Texas, that consent must be in writing.
TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:
The broker's duties and responsibilities to you, and your obligations under the representation agreement. Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.
