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  KIP Notes:   Knowledge is Power   New TREC Rule Allows Grace Period After Designated Broker’s Death   What happens if your broker dies?  If you are sponsored by an individual broker, your license becomes inactive. You can request a new broker through TREC’s Online Relationship Management Tool right away  to quickly set up a new sponsorship. If you are sponsored by a business entity, the process is more involved, which is why TREC has adopted a new Death of a Designated Broker rule (535. 124).  The rule allows a 14-day grace period between the time a designated broker for a business entity dies and when the licenses of the business entity and the sponsored sales  agents go inactive.  This will allow business entities time for the process of designating  a new broker who satisfies legal requirements, including that the new broker has managing authority for the business and is in good standing. Article Credit:  Texas Realtor October...
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Is Texas a Dual Agency State?

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     Texas is not a dual agency state in real estate.  Dual agency, where a single agent represents both the buyer and the seller in real estate.  Dual agency, where a single agent represents both the buyer and the seller in a real estate transaction, is not allowed under Texas law.  Instead, Texas allows for Intermediary relationships, which is somewhat similar but with stricter rules. In an intermediary transaction, the broker remains neutral, but they can assign different agents within their brokerage to represent the buyer and the seller separately.  The broker or agents must follow strict guidelines to ensure that neither party's interests are compromised.  
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