Texas Real Estate

A properly licensed party who serves a principal in an agency relationship - also called an agent

The fiduciary relationship between a broker and a principal or a broker and a client

A party acting for another in a position of trust - a broker, an agent

The relationship based on trust - the relationship governed by the law of agency between a broker and a principal

A party represented by a broker in an agency relationship - also called a client

A party represented by a broker in an agency relationship - also called a principal

A third party - one a broker is working with, but who is not represented by that broker

An employment contract obligating a broker to act as a fiduciary to a buyer

An employment contract obligating a broker to act as a fiduciary to a seller

An employment contract obligating a broker to act as a fiduciary to a property owner

The responsibilities a broker has to customers or third parties including honesty, fairness and disclosure of material facts

The responsibilities a broker has to clients in an agency relationship includes placing the interest of the client first, full disclosure of all facts, material and other, and giving advice and opinions

An agency relationship created by an oral or spoken agreement

Agency as a result of customary, usual or typical conditions

Agency as a result of the actions of an agent and the response of others to those actions

Agency established when an agent acts without permission of the principal and the principal accepts or ratifies those actions

A principal fails to maintain due diligence over his agent and as a result the court prevents the principal from denying the agency relationship

A principal gives an agent the power to transact matters of all types for him

A principal gives an agent the power to bind him in a particular trade or business

A principal gives an agent the power to perform specific acts, but not to bind the principal - also called limited agency

A principal gives an agent the power to perform specific acts, but not to bind the principal - also called special agency

An agent owes his client obedience, loyalty, disclosure, confidentiality, accounting and reasonable care (old car)

A principal owes his agent compensation, reimbursement, indemnification, and performace

An advertisement that does not clearly indicate the licensed status of the party placing the ad - real estate licensees are prohibited from placing blind ad

A broker who has the written permission of both the buyer and the seller to represent both parties in a single transaction

A licensee appointed by a broker in a dual agency situation to work with either the buyer or the seller in the transaction

A broker in Texas who has the written permission of both the buyer and the seller to represent both parties in a single transaction

A licensee appointed by a broker in Texas in an intermediary situation to work with either the buyer or the seller in the transaction

A listing where a seller reserves the right to list with as many brokers as he chooses - he also reserves the right to sell the property himself - only a broker who brings a contract to the seller will earn a commission

A listing where one broker is the exclusive agent and will earn a commission if the property is sold, unless the seller sells it himself - the seller is competing with his broker

A listing where one broker will earn a commission when the property is sold, no matter who sells it

The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property

Federal law that preserves business competition by prohibiting monopolies, monopolistic practices and restraint of trade - in real estate the biggest impact is on commissions - always negotiable

A negotiated compensation in a broker's employment contract

Any transaction where the agent is also the seller, or the agent is also the buyer - this dual role must always be disclosed

An agent for a person who is already an agent for a principal - the listing salesperson under a listing broker - this is not a Texas definition