Texas Real Estate Glossary
Unlock standard real estate jargon, Texas legislative phrases, and contract terms. Understanding the exact definitions is crucial for answering scenario-based questions.
Intermediary
A Texas broker who represents both the seller and the buyer in a real estate transaction. Must have written consent from both parties and must act fairly and impartially.
Promulgated Form
Standardized legal contracts and forms drafted and approved by the Texas Real Estate Commission (TREC) that licensees are required by law to use for standard transactions.
TRELA
Texas Real Estate License Act. The foundational state statute (Chapter 1101 of the Texas Occupations Code) that governs all licensing requirements and standards of practice for real estate brokers and agents.
Fiduciary Duty
The legal obligation to act in the best interest of another party. In Texas real estate, this includes obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care.
Substantive Dialogue
A meeting or written communication where a serious discussion about a specific real property occurs. This triggers the legal requirement to deliver the written IABS representation form.
Sponsoring Broker
An active licensed Texas real estate broker who sponsors a licensed sales agent, assuming full responsibility for all transactions and actions executed by that agent.
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