Agency & LawQuestion 29 of 120
An 'intermediary' relationship in Texas arises when:
a.A broker refuses to represent either party
b.One broker's firm represents both the buyer and the seller in the same transaction
c.A buyer works with two competing brokers
d.The seller lists with an out-of-state broker
Explanation
In Texas, intermediary status occurs when the same broker (firm) represents both the buyer and the seller in one transaction, with the parties' written consent. The broker may appoint different associated license holders to each party, subject to strict rules.
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Related questions on this topic
- A broker who represents the seller in a transaction owes the seller fiduciary duties. The customer (buyer) in that same transaction is owed:
- Which of the following is NOT one of the traditional fiduciary duties an agent owes to a principal?
- In Texas, before a license holder may substantively discuss a real estate transaction, TREC rules generally require providing the consumer with the:
- For a Texas broker to act as an intermediary between a buyer and seller, the broker must obtain:
- When a broker acts as an intermediary and appoints one associated agent to the buyer and another to the seller, this is commonly called:
- A seller instructs the listing agent to conceal a known foundation problem from prospective buyers. The agent should:
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