(a) A licensee's relationship with the licensee's principal
is that of a fiduciary. A licensee shall convey to the principal all known
information which would affect the principal's decision on whether or not
to make, accept or reject offers; however, if the principal has agreed in
writing that offers are not to be submitted after the principal has entered
into a contract to buy, sell, rent, or lease a property, the licensee shall
have no duty to submit offers to the principal after the principal has accepted
an offer.
(b) The licensee must put the interest of the licensee's principal
above the licensee's own interest. A licensee must deal honestly and fairly
with all parties; however, the licensee represents only the principal and
owes a duty of fidelity to such principal.
(c) A licensee has an affirmative duty to keep the principal
informed at all times of significant information applicable to the transaction
or transactions in which the licensee is acting as agent for the principal.
(d) A licensee has a duty to convey accurate information to
members of the public with whom the licensee deals.
|
Source Note: The provisions of this §535.156 adopted to be effective January 1, 1976; amended to be effective May 24, 1976, 1 TexReg 1253; amended to be effective June 9, 1981, 6 TexReg 1922; amended to be effective May 27, 1998, 23 TexReg 5437; amended to be effective October 1, 2000, 25 TexReg 8646 |