IABS Form

What is IABS Form; it stands for Information About Brokerage Services why should you sign this form? It's important to sign this form before working with a real estate broker, you must know that the duties of a broker depend on whom the broker represents. 

If the Broker Represents the Buyer: The broker becomes the buyer's agent by entering into a agreement to represent the buyer, usually thought a written buyer representation agreement. A buyer's agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer's agent anything the owner would not want the buyer to know because a buyer's agent must disclose to the buyer any material information known to the agent.

If the Broker Represents the Owner: The broker becomes the owner's agent by entering into an agreement with the owner,  usually through a written listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner's first. The buyer should not tell the owner's agent anything the buyer would not want the owner to know because an owner's agent must disclose to the owner any material information know to the agent.

If the Broker acts as an Intermediary: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as a intermediary. The broker is required to treat each party honestly and fairly and to comply with the Texas Real Estate License Act.

If you choose to have a Broker Represent You: You must enter into a written agreement with the broker that clearly establishes the broker's obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of Representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the DUTIES and responsibilities of the broker, you should resolve those questions before proceeding.