Agency Positions and the Disclosures Required in TX

Question 1

What 4 positions of a broker does the TX Real Estate License Act (TRELA) define?

Answer 1

Seller’s agent (single agent)

Sub-agent

Buyer’s agent (single agent)

Intermediary

Question 2

Does TX permit dual agency?

Answer 2

No

Question 3

Explain what a written statement is

Answer 3

TX law requires that seller agents provide to a party to a real estate transaction a “written statement” at the time of the first substantive dialogue. This written statement explains in general terms the positions of seller representation, sub-agency, buyer rep, and the intermediary position

Question 4

What does “substantive dialogue” mean?

Answer 4

A meeting or written communication that involves a substantive discussion relating to specific real property

Question 5

What should a buyer or tenant agent disclose in any single agency real estate transaction?

Answer 5

Their agency relationship at first contact with the seller, the landlord, or either party’s agent