Texas Register
TITLE 22 EXAMINING BOARDS
PART 23TEXAS REAL ESTATE COMMISSION
CHAPTER 535PROVISIONS OF THE REAL ESTATE LICENSE ACT
SUBCHAPTER NSUSPENSION AND REVOCATION OF LICENSURE
RULE §535.156Dishonesty; Bad Faith; Untrustworthiness
ISSUE 09/01/2000
ACTION Final/Adopted
Preamble Texas Admin Code Rule
(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.

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 August 16, 2000

TRD-200005812

Mark A. Moseley

General Counsel

Texas Real Estate Commission

Effective date: October 1, 2000

Proposal publication date: May 26, 2000

For further information, please call: (512) 465-3900

 

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