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Texas Real Estate3

Agency

QuestionAnswer
A broker who has the written permission of both the buyer and the seller to represent both parties in a single transaction Dual Agent
A licensee appointed by a broker in a dual agency situation to work with either the buyer or the seller in the transaction Designated Agent
A broker in Texas who has the written permission of both the buyer and the seller to represent both parties in a single transaction Intermediary
A licensee appointed by a broker in Texas in an intermediary situation to work with either the buyer or the seller in the transaction Appointed Associate
A listing where the seller reserves the right to list with as many broker he chooses. He can also sell it himself.Only a broker who brings a contract will earn commission Open listing
A listing where one broker is the exclusive agent and will earn a commission if the property is sold, unless the seller sells it himself-the seller is competing with his broker Exclusive Agency Listing
A listing where one broker will earn a commission when the property is sold no matter who sells it Exclusive Right to Sell
The effort that results in the sale of property-the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Procuring cause of sale
Federal law that preserves business competition by prohibiting monopolies, monopolistic practices and restraint of trade-in real estate the biggest impact is on commissions-always negotionable Sherman Anti-Trust act
A negotiated compensation in a brokers employment contract Commission
Any transaction where the agent is also the seller, or the agent is also the buyer-this dual role must always be disclosed Agency coupled with interest
An agent for a person who is already an agent for a principal-the listing salesperson under a listing broker this is not a Texas definition Subagent
Created by: Shirilyn