(a)A license holder's [licensee's] relationship with the license holder's [licensee's] principal is that of a fiduciary. A license holder [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 license holder [licensee] shall have no duty to submit offers to the principal after the principal has accepted an offer. (b)The license holder [licensee] must put the interest of the license holder's [licensee's ] principal above the license holder's own interest. A [licensee] must deal honestly and fairly with all parties; however, the license holder [licensee] represents only the principal and owes a duty of fidelity to such principal. (c)A license holder [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 license holder [licensee] is acting as agent for the principal. (d)A license holder [licensee] has a duty to convey accurate information to members of the public with whom the license holder [licensee] deals.
The agency certifies that legal counsel
has reviewed
the proposal and found it to be within the state agency's legal authority
to adopt.
Filed with the Office
of the Secretary of State on August 25, 2014
TRD-201404045 Kerri Lewis
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: October 5, 2014
For further information, please call: (512) 936-3092
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