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Texas Occupations Code - OCC § 1101.563. Written Agreement Required

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) In this section, "residential real property" means:

(1) a single-family house;

(2) a duplex, triplex, or quadraplex;  or

(3) a unit in a multiunit residential structure in which title to an individual unit is transferred to the owner of the unit under a condominium or cooperative system.

(b) A license holder who performs any act of real estate brokerage for a prospective buyer of residential real property must enter into a written agreement with the prospective buyer before:

(1) showing any residential real property to the prospective buyer;  or

(2) if no residential real property will be shown, presenting an offer to purchase residential real property on behalf of the prospective buyer.

(c) The written agreement required by Subsection (b) must:

(1) state:

(A) the services to be provided by the license holder;

(B) the termination date of the agreement;

(C) whether the agreement is exclusive or non-exclusive;

(D) as applicable, that the license holder:

(i) represents the prospective buyer as the buyer's agent;  or

(ii) does not represent the prospective buyer as the buyer's agent if the only act of real estate brokerage being performed is showing real property under Section 1101.562;  and

(E) the amount or rate of compensation the broker will receive and how this amount will be determined;  and

(2) disclose in conspicuous language that broker compensation is not set by law and is fully negotiable.

(d) A license holder who enters into a written agreement with a prospective buyer for the sole purpose of showing real property under Section 1101.562 shall enter into a separate agreement with the prospective buyer if additional real estate brokerage acts are to be provided after showing the real property.

(e) A written agreement with a prospective buyer for showing real property under Section 1101.562 may not:

(1) be an exclusive agreement with the license holder;  or

(2) state a termination date more than fourteen days from the date the agreement is entered into.

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Cite this article: FindLaw.com - Texas Occupations Code - OCC § 1101.563. Written Agreement Required - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-1101-563/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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