Broker Patterson lists a property and a buyer from out of state contacts Patterson directly without representation. The buyer asks Patterson to help with the purchase. Patterson agrees but does not have the buyer sign a buyer representation agreement. In this situation, Patterson is:
Correct Answer
A) Representing only the seller and treating the buyer as a customer
Without a written buyer representation agreement, Patterson represents only the seller under the listing agreement. The out-of-state buyer is a customer, not a client. Patterson may assist the buyer with the transaction but owes fiduciary duties only to the seller.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
More Texas Agency Law Questions
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Agent Parker provides the IABS to Buyer Harris at the first showing. Later, Harris signs a buyer representation agreement with a completely different brokerage firm. When Harris contacts Parker about another property, Parker's firm still has a listing on, must Parker provide the IABS again?
In Texas, a sales agent who is assigned by the intermediary broker to communicate with and carry out instructions of one party in a transaction is known as a(n):
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