Agency & LawQuestion 30 of 120
For a Texas broker to act as an intermediary between a buyer and seller, the broker must obtain:
a.Approval from TREC for each transaction
b.An appraisal of the property
c.Written consent from both parties, typically in the listing and buyer agreements
d.A court order
Explanation
Intermediary status requires the written consent of both the buyer and seller, usually obtained in advance through the representation agreements. The intermediary must act fairly and may not disclose certain confidential information such as one party's willingness to accept a different price.
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Related questions on this topic
- 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:
- An 'intermediary' relationship in Texas arises when:
- 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:
- Confidential information the agent learns about the principal, such as the seller's willingness to accept less than list price, must generally be:
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