Callers often ask about circumstances when they don’t have to provide the Information About Brokerage Services (TXR 2501) form, which is required to be provided to a party at the time of the license holder’s first substantive communication with the party regarding specific real property. There are three exceptions to this rule:
- When the transaction is for a residential lease less than one year and no sale is considered
- When the broker or sales agent knows the other party is represented by a license holder
- When the communication occurs at an open house.
Nolan Oldham, associate counsel