Listing agreement a private contract between broker, property owner
Q: Does the Texas Real Estate Commission put out a form that it approves of for listing real estate? A:
No. A listing agreement is a private contract between a real estate broker and a property owner. It is not promulgated or made known by the Texas Real Estate Commission. The Texas Association of Realtors (TAR) provides certain forms to its members. If you are a member, you may find a listing agreement form that meets your needs through TAR. Otherwise, you should consult with your own private attorney.
Q: How many branch offices can Texas real estate broker have? A:
There is no limit. According to the TREC, if a Texas real estate broker or the broker’s sales agent maintains more than one place of business where either meets the public to transact business, the broker must obtain a branch office license for each location.
Q: I’ve heard that a TREC license holder is required to provide a party with a written information relating to agency? Is this correct? A:
Yes. At the time of first substantive communication with a party relating to a proposed transaction regarding specific real property, a license holder must provide a written notice regarding agency, commonly referred to as “Information About Brokerage Services” or IABS form.
Q: I am a buyer and a prospect for buying a listing. However, I don’t know which one. I recently attended an open house, hosted by a salesperson who is sponsored by a Texas licensed real estate broker. The salesperson did not give me an IABS form. Wasn’t that a violation of the Texas Real Estate license act? A:
No. A license holder is not required to provide the statutory written statement or IABS form at an open house.
To send a question visit www.AskGeorge.net and select the “Ask A Question” button. Answers to questions do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney. George Stephens is the broker of Stephens Properties. Charles J. Jacobus, J.D. is board certified by the Texas Board of Legal Specialization in Residential and Commercial Real Estate Law.