(a)A license holder's relationship with the license
holder's principal is that of a fiduciary. A license holder 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 shall have
no duty to submit offers to the principal after the principal has
accepted an offer.
(b)The license holder must put the interest of the
license holder's principal above the license holder's own interest.
A license holder must deal honestly and fairly with all parties; however,
the license holder represents only the principal and owes a duty of
fidelity to such principal.
(c)A license holder 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 is
acting as agent for the principal.
(d)A license holder has a duty to convey accurate
information to members of the public with whom the license holder
deals.
The agency certifies that legal counsel has reviewed
the adoption and found it to be
a valid exercise of the agency's legal
authority.
Filed
with the Office of the Secretary of State on November 24, 2014
TRD-201405659 Kerri Lewis
General Counsel
Texas Real Estate Commission
Effective date: January 1, 2015
Proposal publication date: September 5, 2014
For further information, please call: (512) 936-3092
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