Do you know these agency disclosure requirements?
10/14/2016 | Author: Editorial Staff
What information related to agency are license holders required to provide under The Real Estate License Act?
License holders have two requirements under Section 1101.558:
- To disclose which party they represent to other parties or license holders who represent another party in a proposed real estate transaction
- To provide information about brokerage services to prospective buyers, sellers, tenants, and landlords.
How are these agency requirements different from each other?
The first one above is a disclosure, which can be provided orally or in writing. The other is a written notice, which must be provided to prospective parties to a proposed transaction for a property through the Information About Brokerage Services form promulgated by the Texas Real Estate Commission.
Read more about laws governing disclosure of your agency relationship and providing the Information About Brokerage Services form in the September/October issue of Texas REALTOR® magazine.
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