Buyer agent Russell has a written buyer representation agreement with Buyer Chen. During a showing of a listed property, the listing agent tells Russell that the seller needs to close quickly due to a job relocation. Russell must:
Correct Answer
D) Share this information with Chen because the agent owes fiduciary duties to the buyer
As Chen's buyer's agent, Russell owes fiduciary duties to Chen, including the duty to share all information that could affect the transaction. The seller's urgency to close is material information that could benefit Chen in negotiations.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
More Texas Agency Law Questions
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A Texas license holder provides the IABS form to a buyer at their first meeting. Two weeks later, the buyer contacts the license holder about a different property. Must the license holder provide the IABS again?
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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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- → A Texas license holder receives earnest money from a buyer. Under Texas law, the license holder must:
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- → Under TREC rules, the IABS form must be provided by whom?
- → Broker Martinez instructs all of her sales agents to include the IABS form as a standard attachment in every email communication. This practice is:
- → A Texas license holder posts a property listing on social media. A consumer comments on the post asking about the property's price. The license holder responds with the price and additional details. Was the IABS required?
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