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Approved by the Texas Real Estate Commission for 'voluntary Use Texas/aw requires all mai e~e licensees to give the following information about brOkerab~ sea, ices to prospective buyers, tenants, sellers and landlords. Information About Services Before working with a real estate broker, you should kbnOW that the duties of a broker depend on whom the roker represents. If you arc a prospective sel[er or. landlord (owner) or a prospective buyer or tenant (buyerL you should know that the brc~cer who lists the property for sale or lease is the owner's agent. ^ broker who act~ as a subagent repre~nts~e owner in cooperation with the listing broker. A broker who act~ as a buyer's agent represent~ the buyer. ^ broker may act as an intermediary hetwee_n the pa~es if the parties consent in writ rig. A broker can assist you in locating a proper[y, i~eparJng a contract or lease, or obtaining financing without representing you. ^ broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OVL~NER: The broker becomes the owner's agent I:~ entering into an agreement with the owner~ usually, through a written.listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listin~ b~oker. ^ subagent may work in a different real estate office. A listing broker or subagent cnn assist the buyer but does not represent the buyer and must place the interes~ of the owner first The buyer should not tell the OWner's-agent anything.the buyer would not want the owner to kncr. v because an owner's agent must disclose to the owner any materiat information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer's age~ by entering into an agreemenL to represent the buyer, usually through a written buyer re?esentat on agreement_ A buyer's, agent can assist the ortner but does not represent the owner and must place the interests o[ the buyer first, the owne~.sgo~.gd, no~ tell a buyer's agent an~,qhing the owner wot~id no~ want the b6yer The broker must obtain the written consent of each party to the transact[on to act as an intermediary. The wriRen consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. The broker is required to treat each party honestly and faidy and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the pdce submitted in a written offer unless authorized in writing to do so by the buyer; and (4] may not disclose any confidential information or an iht'urination that a party speci{ically instructs the broker in writihg not to disclose un[ess authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the in[oru;atlon materially relates to the condition of the property. With the i~'lrt[es· consent, a broker acting as an intermediaD. bet'ween the par6es may appoint a person who is licensed under The Texas Rea] Estate License ACt and associated with the broker to comn~unicate with and car~, out instructions of one party and.another person who is licensed under that Act and associated with the broker to Communicate with and carry out ioslrucLiuus of the other party. If you choose to-have a broker represent you, you should enter into a written agreement with the broker lhat cleady establishes the broker's obligations and your obligations. The agreement should slate how and by whom to know becnuse a buyer's agen m~st [lL~lose ~ ]e b.v ~r Ill( hruk(,~ will h, ' ' - any material informaLi~,~ J:-g~n ~he a~ -n ' ' . . e ?nd ~ )u h, lw the nghl tn t ho~)s(~ Ihe ~ ~ t. o~repre~nL~hon, ffany, you wish Io receive Your IF % of a fee to a broker d~s . ' . ~ THE BROKER A~S ~ ~ I~E~EDIARY- '~ bra'- not neces~nly ~bhsh [~t the - u~er repre~n~ you. If you have an u A broker may a~ as an inte~ed~w: ~:.~:~ ~e na~i~ if ~ .L ~ ,. , y q est~ons regarding ~ebrokercomolieswi~Th~Te~e~.,,~.:_r ~.~ ~ me.~un~ aha res~nsibdi~es of the broker, ousho - - ......... ~>~tc c~cense ~. ~ r~o~ve tho~ questions before proceeding. Y old Real estate licen~ as~ that y~ acknow~ge r~eipl~this information about.brokerage semlces for II~e licensee's records ~ate