Texas Flashcards
(IABS) Information About Brokerage Services
Form designed by TREC and presented to a prospect at first substantive dialogue
Explains how agency works
If TREC form not used any other with TREC wording in 10pt type can be used
SB 489
Allows a broker to act as an intermediary in a transaction
Represents both parties
Force able entry and detainer
Eviction
Foreign Broker
Broker with license from state/country outside Texas.
Can’t engage in Texas real estate
Can collect commission from Texas broker
Telemarketing
Cold calling
Legal in Texas but requires a Real Estate license
Federal Do Not Call List
Regulates telemarketing in interstate and international calls
Texas No Call List
Regulates telemarketing on interstate and intrastate calls
Intermediary with Appointments
Broker (Intermediary) appoints associates to with parties
Both can give opinion and advice
Broker can’t give advice, can only disclose facts
Intermediary without Appointments
Broker (Intermediary) represents both parties
Gives no advice, only facts
Disclosure of Representation
A mandatory disclosure by licenses representing a party
Must be made to all other parties or licensees at first contact
Texas Subagent
Licensed representing a seller while being sponsored by a broker other than the listing broker
DTPA
Deceptive trade practices act
Individuals have two years from the discovery of the deception to file a complaint
Secondary Notice of Intermediary
Reminder notice to buyer and seller when a buyer-client is interested in purchasing an in-house listing
Notice names appointed associates
Substantive Dialogue
Face to face meeting with a substantial discussion of real estate or any mailing with a substantial amount of info about a property
Minimum Services
TREC requires a broker who represents a party or who lists real property to:
Inform of material information
Answers party’s questions
Present offers to and from party
Refrain from telling another broker to negotiate directly with client.
