(a)A broker is responsible for the authorized acts of the broker's salespersons, but the broker is not required to supervise the salespersons directly. (b)A real estate broker acting as an agent owes the very highest fiduciary obligation to the agent's principal and is obliged to convey to the principal all information of which the agent has knowledge and which may affect the principal's decision. A broker is obligated under a listing contract to negotiate the best possible transaction for the principal, the person the broker has agreed to represent. (c)A broker is responsible for the proper handling of escrow monies placed with the broker, although the broker may authorize other persons to sign checks for the broker. (d)A broker who represents a party in a real estate transaction must, at a minimum, provide the following services to the broker's client: (1)accept and present to the client offers and counter-offers to buy, sell, or lease the client's property or property the client seeks to buy or lease; (2)assist the client in developing, communicating, and presenting offers, counter-offers, and notices that relate to the offers and counter-offers; and (3)answer the client's questions relating to the offers, counter-offers, and notices.
This agency hereby certifies that the adoption has been
reviewed by legal counsel and found to be a valid exercise of the agency's
legal authority.
Filed with the Office of
the Secretary of State on November 6, 2002
TRD-200207256 Loretta DeHay
General Counsel
Texas Real Estate
Commission
Effective date: November 26, 2002
Proposal publication date: October 4, 2002
For further information, please call: (512) 465-3900
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