Only $35.99/year

Terms in this set (210)

While the buyer or tenant licensees are obligated to disclose their agency relationship, the timing is different. Specifically, licensees, in any single agency real estate transaction, must disclose their agency relationship at first contact with the seller, landlord, or the other party's agent. If made to the listing licensee, they become responsible for conveying the agency disclosure to the principal.

In accordance with the TREC Canons of Professional Ethics and Conduct:
§531.1 Fidelity
A real estate broker or salesperson, while acting as an agent for another, is a fiduciary. Special obligations are imposed when such fiduciary relationships are created.
1. They demand that the primary duty of the real estate agent is to represent the interests of the agent's client and the agent's position. In this respect, it should be clear to all parties concerned in a real estate transaction. However, the agent, in performing duties to the client, shall treat other parties to a transaction fairly.
2. They demand that the real estate agent be faithful and observant to trust that the customer places in the agent. The agent must be scrupulous and meticulous in performing their functions.
3. They demand that the real estate agent place no personal interest above that of the agent's client.

As with seller and landlord disclosures, the buyer agent's agency Buyer/Tenant Representation Agreement disclosure must ultimately be in writing. However, they may initially make the agreement orally.

The seller or landlord must fulfill the written disclosure obligation prior to signing any transaction document.