TREC Advisor - July 2017

New Brokerage Advertising Rules on the Horizon

SB 2212 makes changes to the regulations governing advertising for real estate brokers and sales agents.  

It removes the current requirement that the advertiser be identified in each advertisement as a broker or agent, and clarifies that an advertisement is misleading if it fails to include the name of the broker, or if it implies that a sales agent is responsible for the operation of a brokerage.

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Other Legislative Updates of Interest

Sale of Equitable Interests in Real Estate Clarified

Mortgage Fraud Task Force Dissolved, But Interagency Cooperation Remains

Added Flexibility for Residential Service Companies (RSCs)

Doug Headshot

From the Executive Director

As the Commission and its staff get prepared for its next meeting on Monday August 7th, I am pleased to tell you that the summer has been very productive. All of the agency teams are handling very high volumes of matters, even with daily staff numbers reduced due to summer vacations. Despite this, the teams are keeping up with demand, but not as many or as quickly as we want. 

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Consumer Guide To The Texas Real Estate Commission

Buying a home is often the single biggest investment a person can make. Selling a home can be an overwhelming and confusing transaction.  Because of the size and complexity of buying or selling a home, most buyers and sellers hire a professional advisor to help them with the process. The Texas Real Estate Commission (TREC) is responsible for licensing real estate service providers in Texas to ensure they are qualified to advise consumers about these transactions. 

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Using Disclosure Forms And Contract Addenda Properly

Proper Use of Disclosure Forms 

While a disclosure form is part of most real estate transactions, it is not a contract addendum. Since it is not a contract addendum, it should not be referenced in the “Agreement of the Parties” paragraph“ or otherwise made a part of the contract.

How to Tell a Contract Addendum from Other Forms

A contract addendum is an addition to the contract that is signed by the parties to the transaction. Other forms that are not contract addenda simply provide information, such as the Seller’s Disclosure of Property Condition, which addresses issues related to the property, or the Information About Brokerage Services (IABS) form, which provides information regarding agency law as well as license holder identification and contact information.

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Additional News

ESAC Chair Receives Distinguished Award

TREC is pleased to announce that the Chair of our Education Standards Advisory Committee (ESAC), Susan Jones has received the Larry Outlaw Education Excellence Award at this year's Real Estate Education Association (REEA) conference.

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License and Complaint Count Totals Announced

TREC has published the most recent available numbers of licenses and complaints. These numbers will be updated each month, so check back for the most recent totals.

Get the Numbers

Rule Actions Taken at the May Commission Meeting

You can find the full text of amendments to rules recently proposed and recently adopted at the May 1, 2017 meeting of the Commission under the “Recently Proposed and Adopted Rules” section of the TREC Website. The rules are listed by proposed date, with a column for the adoption date and effective date. Recently adopted rules will be at the top. Instructions for commenting on proposed rules are also on the page. 

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Disciplinary Actions

Check out the full list of the latest disciplinary actions taken by the Commission. 

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Important Dates to Remember

  • August 7 - TREC Commission Meeting
  • September 4 - Labor Day

Check the TREC website regularly for postings of all of our upcoming meetings.