What is the IABS?
Texas law requires all brokers and sales agents to provide written notice regarding information about brokerage services at the first substantive communication with prospective buyers, tenants, sellers, and landlords concerning specific real property. The Information About Brokerage Services form (or the IABS) is the required method to provide that information to those parties.
As a consumer you want to know who is representing you. You have a right to have REALTOR® representation and be handled as a client versus a customer
Client Vs. Customer
The difference between a Client and a Customer is significant to REALTORS® and Brokers. However, it is likely not understood by the general public.
Client - A client is in a binding contractual relationship with a REALTOR® or Broker. This is documented by a Buyer Representation Agreement when an agent represents a Buyer in purchasing a property listed by another agent. The Listing Agreement for Sellers documents the relationship when an agent lists a property for sale.
Customer - A customer is serviced by an agent, but without contractual agreement. Customers must be treated honestly and fairly by agents and given truthful responses to their questions.
What's the Key Difference?
An agent may only give their advice and opinion to a Client. To receive the full benefit of the services of a REALTOR®, it is highly recommended you enter into an agreement to be a Client. When a listing agent works with the seller and a buyer for the same property, the seller is often a Client and the buyer is a Customer.
The Information About Broker Services form clearly explains the various types of relationships you can have with an agent/broker. Agents and Brokers must make their representation clearly known upfront. Please consult your agent or broker if you have any questions about your relationship.
Central Hill Country Board of REALTORS® is the voice for real estate in the Hill Country, covering Gillespie, Blanco, Mason, and Kimble Counties. Visit our website at www.chcbr.org!
