occurs when one person, the agent acts the behalf of another, the principle (client)
is law that has evolved by custom or by court decisions
is law that has been created by legislatures
is a relationship in which one party is bond to act in the best interest of another.
a person licensed by the Texas Real Estate Commission (TREC) to act as a broker or salesperson in a real estate transaction.
- a person license by the Real Estate Commission (TREC) but not authorized to conduct business as a broker or salesperson until the license is converted to active status.
- a broker who represents a seller, landlord, buyer or tenet. A salesperson or broker licensees who represents the broker with whom they are associated.
a licensee not associated with the clients broker but who is representing the client through a cooperative agreement with the clients broker.
an individual holding a brokers license issued by TREC, who may act independently in conducting real estate transactions or may engage other brokers or salespersons licensees to represent them in the conduct of their real estate business.
- an individual holding a salesperson license issued by TREC- an agent of the sponsoring broker. Salesperson licensee may conduct business only through their sponsoring broker.
- a broker associated with and conducting his or her business as an agent of his or her sponsoring broker.
a salesperson licensee associated with and conducting business as an agent of his or her broker.
A broker representing the seller in a real estate transaction . Also refereed to as a Seller's Broker, Listing Broker or Listing Agent.
A broker representing the buyer in a real estate transaction. Also know as Buyer's broker, Selling broker, selling agent Cooperative broker or Other Broker.
an agent alternatively permitting the broker to act as an agent for both the buyer-client and the seller-client in the same transaction.
- a broker representing a landlord in a real estate transaction.
a broker representing a tenant in a real estate transaction.
a person (principle) who engages services that include the professional advice and advocacy of another (agent) and whose interest are protected by the specific duties and loyalties of an agent relationship.
a person who receives limited brokerage services without establishing an agency relationship. Specifically, advice, advocacy, and fiduciary relationships are not include in customer services.
Undisclosed or Unintended agency relationship
when a licensee may not have adequately discussed or disclosed whom they represent.
Information About Brokerage Services-
is a form that provides consumers with the information relating to the differences when a broker represents a seller or a buyer or acts as an intermediary.
Question in fact
is a question of whether an agency relationship in a real estate transaction has been created, that a a judge and jury might be called to determine.
A Unintended or Accidentally is
an agency can be created by the absence of any required formalities or written agreements.
A judicial trend-
is a trend toward greater consumer protection and professional accountability on the part of the real estate licensee.
a trend that states " let the buyer beware".
TRELA (The Real Estate Licensee Act)
, a law that establishes the duties of real estate licensee int hier dealings with the public; it provides the legal framework within which each licensee operates.
TREC (The REAL Estate Commission)
is responsible for the administration of TRELA. And Consists of 9 members, six brokers, three public members who serve a staggered terms of six year.
TAC (Texas Administration code)
, empowers the TREC to establish the rules and regulations necessary to enforce the provisions of TRELA.