Just as there are two side in a real estate sales transaction, there are generally two sides represented in a leasing transaction.
Lease listing agent – a Texas Real Estate Commission (TREC) license holder who is hired to work in the best interests of a landlord and represents the landlord in the transaction
Leasing agent – a TREC license holder who earns a fee by finding a qualified applicant for a particular property and obtains a signed lease. Leasing agents represent the best interests of the prospective tenants in the transaction. By determining the wants and needs of the prospective tenants, leasing agents are charged with
* showing appropriate properties to prospects,
* interacting with the listing agent,
* presenting the application(s) to the listing agent along with all the required paperwork, and
* determining financial requirements.
Lease listing and leasing agents might use the following questions in leasing:
* Which qualifying criteria should be considered?
* Does the applicant have satisfactory leasing or mortgage history?
* Does the applicant have a satisfactory work history?
* Does the applicant have adequate income to fulfill the terms and conditions of
the lease?
While some real estate attorneys may believe that there are vast differences between the commercial and residential leasing practices, the basics of both specialties are the same. In all legal cases relating to this topic, real estate agents are required to follow the TREC Canons of Professional Ethics, which include Fidelity, Integrity, Competency, Consumer Information, Discriminatory Practices and Information About Brokerage Services.
