The Kansas Brokerage Relationships in Real Estate Transactions Act (referred to as BRRETA II) became effective on October 1, 1997. The following summary describes a seller's agent, a buyer's agent, and a transaction broker. Show SELLER'S AGENT The seller's agent is responsible for performing the following duties:
The seller's agent has no duty to:
BUYER'S AGENT The buyer's agent is responsible for performing the following duties:
The buyer's agent has no duty to:
TRANSACTION BROKER The transaction broker is responsible for performing the following duties:
The transaction broker protects the confidences of both parties. If the transaction is the sale of one to four residential units or the sale of agricultural real estate, the following information shall not be disclosed by a transaction broker without the consent of all parties:
If the transaction is the sale or lease of commercial property or residential property of more than four units, the transaction broker shall not disclose any information or personal confidences about a party to the transaction which might place the other party at an advantage unless failure to disclose such information would constitute fraudulent misrepresentation. The transaction broker may disclose the following information unless prohibited by the parties:
The transaction broker has no duty to:
STATEMENT OF REPRESENTATION Do not assume that an agent is acting on your behalf, unless you have signed a contract with the agent's firm to represent you. If you have not entered into a written agency agreement, you are considered to be a customer rather than a client. As a customer, you represent yourself. Any information that you, the customer, disclose to the agent representing another party will be disclosed to that other party. Even though licensees may be representing other parties, they are obligated to treat you honestly, give you accurate information, and disclose all known adverse material facts. BRRETAWhat do agents who represent seller clients owe to unrepresented prospective buyers?When a licensee represents the buyer in a single agency relationship, the seller is the licensee's unrepresented customer. Only clients receive representation. The seller's agent owes the buyer the duty to disclose the relationship with the seller and to treat the buyer with fairness and honesty.
Can a license holder provide the IABS notice via email?Then every email you create will automatically include the required notice in accordance with TREC rules. Here's an example of an email signature that correctly links to the IABS form. Texas law requires all license holders to provide the Information About Brokerage Services form to prospective clients.
Which of the following is owed to a customer by an agent?A duty of loyalty is one of the most fundamental fiduciary duties owed by an agent to his principal.
Which of the following must a license holder provide to a client but not to a customer?Which of the following must a license holder provide to a client but NOT to a customer? The answer is advice.
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