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Standards of Conduct

Terms in this set (17)

-Guaranteeing future profits
-Sales agent receiving commissions directly from selling, leasing, negotiating, appraising, or auctioning real estate.
-Failing to specify a definite termination date in a Buyer's Representation Agreement or a listing contract that is not subject to prior notice.
-Selling real estate by lottery
-Giving legal advice. Reminder: we can prepare a real estate contract addendum but we can never write a contract or draft a lease purchase agreement.
-Not advising a purchaser in writing to get an attorney's opinion of title on the abstract or to obtain an Owner's Title Policy.
-Placing a sign offering to sell, rent, or lease real estate without first obtaining the written permission of the owner.
-Acting in the dual capacity of broker and undisclosed principal. A license holder must disclose if he is representing his spouse, parent, or child.
-Knowingly making a substantial misrepresentation. Puffing is not a misrepresentation.
-Advertising without the brokerage information - broker or company name.
-Commingling money - Earnest money must be placed in an escrow account, not in with broker personal or operating accounts.
-Conversion - spending commingled money is also prohibited.
-Threatening to sue for a commission you have not earned.
-Not furnishing copies of a document to one of the signatories, upon demand.
-Steering of prospective buyers. You are also subject to federal and state prosecution.
-Disbursing money deposited in a trust account before the transaction concerned has been consummated (at closing) or finally otherwise terminated.
-Enters a plea of guilty or nolo contendre to, or is convicted of a felony or a criminal offense involving fraud.
-Fails to honor within a reasonable time a check issued to TREC after TREC has sent, by certified mail, a request for payment to the license holder's last known business address.
-Fails to notify the Commission not later than the 30th day after the date of a final conviction or the entry of a plea of guilty or nolo contendere to a felony. ( A 2nd DWI conviction in TX is not a felony)