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15 Cards in this Set

  • Front
  • Back
Mandatory - must be given to all parties and first contact or first discussion orally / writing - ONLY provides information
Info. about Brokerage Services
Seller to fill out this form (NO help from agent) - Seller's KNOWLEDGE of the condition or property - NOT a warranty, must have inspection.
Seller's Disclosure of Property Condition - Mandated by Texas Property Code (Sec. 5.008)
Any fact that is relevant to a reasonable person - Agents must disclose all of this to everyone are
Material Facts
Listing agreements are ALWAYS in the name of the
Broker / Company Name
When the broker is GUARANTEED commission - if the agent brings in a buyer "ready, willing and able" at the listing price and the owner fails to sell - broker is due a commission - this is what type of listing
Exclusive Right to Sell
Broker is agent for "marketing" only - Broker gets commission only if is "procuring cause" - but owner retains right to sell w/o obligation is what type of listing
Exclusive Agency
Open to all agents - FSBO - owner retains right to sell w/o comm. obligation - must get comm. agreement each time agent shows property is what type of listing
Open Listing -
For Sale by Owner - FSBO
Owner wants to set a price and broker can keep the diff. between the sales proceeds and such "net" amount as commission. Strict measure to insure seller knows value of property - Market Value - risky procudure!
Net Listing
Essentials to Listing Agreement are (6)
Signatures of owners
Legal description
Difinite termination date
Commission Agreement
In writing
Remember - listings are property of broker - not assignable
Termination of Agency - Listing Agreements are (8)
Fulfillment/performance by broker
Expiration of time
Revocation by Owner/Renunciation by Agenty (potential damage liablitly)
Mutual consent
Bankruptcy - title goes to receiver
Death or incapacity of either party
Destruction of property
Change in property use by law
Commission Requirements are (3)
Must have a valid TREC license
Comm. Agreement in WRITING - signed by authorized party
Broker gives buyer Title Notice in WRITING
Agent's authority to do acts necessary and proper to accomplish express agency is
Implied Authority
Notification of agent same as actually notifying principal is
Imputed Notice
Notification to one agent of the firm "imputes" such notification to all agents in firm is
Constructive Notice
Based on IRS - (1) Written Contract (2) Real Estate License (3) Payment based on performance and/or production is an
Independent Contractor

otherwise an Employee