(a) A license holder's relationship with the license holder's principal is that of a fiduciary. A license holder shall convey to the principal all known information which would affect the principal's decision on whether or not to make, accept or reject offers; however, if the principal has agreed in writing that offers are not to be submitted after the principal has entered into a contract to buy, sell, rent, or lease a property, the license holder shall have no duty to submit offers to the principal after the principal has accepted an offer.
(b) The license holder must put the interest of the license holder's principal above the license holder's own interest. A license holder must deal honestly and fairly with all parties; however, the license holder represents only the principal and owes a duty of fidelity to such principal.
(c) A license holder has an affirmative duty to keep the principal informed at all times of significant information applicable to the transaction or transactions in which the license holder is acting as agent for the principal.
(d) A license holder has a duty to convey accurate information to members of the public with whom the license holder deals.

Source Note: The provisions of this §535.156 adopted to be effective January 1, 1976; amended to be effective May 24, 1976, 1 TexReg 1253; amended to be effective June 9, 1981, 6 TexReg 1922; amended to be effective May 27, 1998, 23 TexReg 5437; amended to be effective October 1, 2000, 25 TexReg 8646; amended to be effective January 1, 2015, 39 TexReg 9669