Sec. 1101.559. BROKER ACTING AS INTERMEDIARY. (a) A broker may act as an intermediary between parties to a real estate transaction if:
(1) the broker obtains written consent from each party for the broker to act as an intermediary in the transaction; and
(2) the written consent of the parties states the source of any expected compensation to the broker.
(b) A written listing agreement to represent a seller or landlord or a written agreement to represent a buyer or tenant that authorizes a broker to act as an intermediary in a real estate transaction is sufficient to establish written consent of the party to the transaction if the written agreement specifies in conspicuous bold or underlined print the conduct that is prohibited under Section 1101.651(d).
(c) An intermediary shall act fairly and impartially. Appointment by a broker acting as an intermediary of an associated license holder under Section 1101.560 to communicate with, carry out the instructions of, and provide opinions and advice to the parties to whom that associated license holder is appointed is a fair and impartial act.
Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. June 1, 2003.
Section: Previous 1101.552 1101.553 1101.554 1101.555 1101.556 1101.557 1101.558 1101.559 1101.560 1101.561 1101.601 1101.6011 1101.602 1101.603 1101.604 NextLast modified: September 28, 2016