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AGENCY/BROKERAGE
Customer/Third Party- only owe Fairness, Honesty, Disclosure.
Must turn a Customer/Third Party into a Client/Principle you do so by having them sign either a
Buyers Rep Agreement or Seller Agency/Listing Agreement.
4 TYPES OF LISTING AGREEMENTS
1. Open Listing- Multiple Brokers Can Sell the Property and Who Ever Sells It Gets the
Commission.
2. Exclusive Agency Listing- One Broker Only but If Seller Finds a Buyer, Then No
Commission Is Due to Broker.
3. Exclusive Right to Sell- Only One Broker and The Broker Gets the Commission No Matter
Who Brings the Buyer.
4. Net Listing- Legal in Texas but Has Ethical Issues, When the Seller Only Wants a Set
Amount and What Ever the Amount Over the Set Amount Will Go to The Broker.
Remember The Acronym- O.L.D.C.A.R
O = Obedience.
L = Loyalty.
D = Disclosure.
C = Confidentiality.
A = Accountability.
R = Reasonable Care and Due Diligence.
INTERMEDIARY/IN-HOUSE
two documents must be signed for this to be legal
1. Buyer tenant rep agreement/listing agreement.
2. Intermediary Relationship notice.
TEXAS REAL ESTATE EXAM UPDATE 2026-2027 10pages
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