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(a) - (c)(No change.) (d)If a broker's principal instructs the broker to not negotiate an offer or counter-offer and instructs the broker to inform other brokers to submit offers and counter-offers directly to the client, the broker must provide the following notice to the broker's principal: "NOTICE CONCERNING NEGOTIATIONS You have instructed your broker to not negotiate offers and counter-offers for you and to inform other brokers to submit offers and counter-offers directly to you. Please take note of the following. The other broker will represent the other party in the transaction and will not represent you The other broker will advise his or her client of relevant information related to the negotiations including but not limited to relevant market data, contractual duties, and negotiating strategies. The other broker will inform his or her client of any information the other broker received from you. You may be placed at a disadvantage if the other party retains the assistance of a broker or an attorney during negotiations and you do not. You should direct any questions about any offer, counter-offer, or any contractual obligation to your broker and not to the other broker. If you need assistance in preparing or responding to any offer, counter-offer, or notice or if you need assistance at any time through closing you should seek such assistance from your broker or your attorney and not the other broker. You should not rely on the other broker to coordinate the transaction, including but not limited to arranging for the completion of your obligations in the transaction and your performance under a contract. Your broker is obligated under law to provide assistance to you during negotiations. The amount you pay your broker is negotiable between you and your broker. The amount you pay your broker may depend on the type and amount of services your broker provides." (e)A broker must provide the notice under subsection (d) of this section to the broker's principal at the time the broker receives the principal's instruction to not negotiate. The notice under subsection (d) of this section must be: (1)in a separate, self-contained document; (2)printed with at least 14-point type; (3)signed and dated by the broker; (4)contain a space or line for the broker's principal to sign as an acknowledgment of receipt.
This
agency hereby certifies that the proposal has been
reviewed by legal counsel and found to be within the agency's legal authority
to adopt.
Filed with the Office of
the Secretary of State on June 9, 2004
TRD-200403786 Loretta DeHay
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: July 25, 2004
For further information, please call: (512) 465-3900
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