TEXAS REAL ESTATE EXAM UPDATE 2026-2027 10pages

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.