In Texas, an intermediary is a broker who:

Option A is incorrect because representing only the buyer would define a buyer's agent, not an intermediary. An intermediary must represent both parties, not just the buyer, as this would create a conflict of interest under Texas law.

Option B is incorrect because representing only the seller would define a seller's agent or subagent, not an intermediary. An intermediary must represent both parties simultaneously, not just the seller.

Option D is incorrect because an intermediary does represent both parties; they don't act as a neutral third party without representation. The intermediary has limited agency responsibilities to both the buyer and seller.