It is important to remember that the main focus of the Commission is to protect

It is important to remember that the main focus of

This preview shows page 113 - 116 out of 361 pages.

It is important to remember that the main focus of the Commission is to protect the public. Therefore, the rules and regulations are construed liberally, with a view toward their purpose. The Commission is not concerned with an agent’s earnings and does not involve itself in brokerage fee disputes. Remember, federal law dictates that commissions are a matter of negotiation. Price fix- ing, or any attempt to standardize commission amounts is a violation of the federal anti-trust laws. The Commission also refrains from becoming involved in disputes between brokers and sales agents. These matters must be solved through mediation, arbitration, or the courts.
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Copyright © 2017 Champions School of Real Estate ® 114 Chapter 7 Texas Real Estate License Act OCCUPATIONS CODE TITLE 7. PRACTICES AND PROFESSIONS RELATED TO REAL PROPERTY AND HOUSING SUBTITLE A. PROFESSIONS RELATED TO REAL ESTATE CHAPTER 1101. REAL ESTATE BROKERS AND SALES AGENTS SUBCHAPTER A. GENERAL PROVISIONS Sec. 1101.001. SHORT TITLE . This chapter may be cited as The Real Estate License Act. Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. June 1, 2003. Sec. 1101.002. DEFINITIONS . In this chapter: (1) “Broker”: (A) means a person who, in exchange for a commission or other valuable consideration or with the expectation of receiving a commission or other valuable consideration, performs for another person one of the following acts: (i) sells, exchanges, purchases, or leases real estate; (ii) offers to sell, exchange, purchase, or lease real estate; (iii) negotiates or attempts to negotiate the listing, sale, exchange, purchase, or lease of real estate; (iv) lists or offers, attempts, or agrees to list real estate for sale, lease, or exchange; (v) auctions or offers, attempts, or agrees to auction real estate; (vi) deals in options on real estate, including a lease to purchase or buying, selling, or offering to buy or sell options on real estate; (vii) aids or offers or attempts to aid in locating or obtaining real estate for purchase or lease; (viii) procures or assists in procuring a prospect to effect the sale, exchange, or lease of real estate; (ix) procures or assists in procuring property to effect the sale, exchange, or lease of real estate; (x) controls the acceptance or deposit of rent from a resident of a single-family residential real property unit; (xi) provides a written analysis, opinion, or conclusion relating to the estimated price of real property if the analysis, opinion, or conclusion: (a) is not referred to as an appraisal; (b) is provided in the ordinary course of the person’s business; and (c) is related to the actual or potential management, acquisition, disposition, or encumbrance of an interest in real property; or (xii) advises or offers advice to an owner of real estate concerning the negotiation or completion
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Copyright © 2017 Champions School of Real Estate ® 115 Chapter 7 Texas Real Estate License Act of a short sale; and (B) includes a person who: (i) is employed by or for an owner of real estate to sell any portion of the real estate; or (ii)
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