The Broker Responsibility Working Group (BRWG) met July 13 and acted on two proposals related to broker oversight and sales agents’ response times.

Proposed Rule

BRWG proposed a new rule, 535.157, that requires a broker or sales agent to respond to their principal, a broker or sales agent representing another party to a real estate transaction, or an unrepresented party to a real estate transaction within two calendar days.

The Texas Real Estate Commission's Education Standards Advisory Committee (ESAC) is accepting applications to fill two education member positions by real estate instructors or owners of real estate schools, accredited by the Commission, that provide qualifying or continuing education. It is also accepting applications to fill four real estate license holder positions.

It’s been more than two years since the pandemic changed the real estate landscape and how you do business, and your license renewal may not be on your mind. But now is the time to ensure your license hasn’t been expired for more than two years, which requires you to take extra steps to renew.

The Texas Real Estate Commission met May 2, 2022. In addition to hearing updates from TREC staff, the Commission contemplated a proposed new flood disclosure form for leases, non-substantive proposed changes from the quadrennial rule review, and adopted a rule change for easement or right-of-way (ERW) agents. The Commission also heard a presentation from Gary Maler, executive director of the Texas Real Estate Research Center at Texas A&M University.

The Broker Responsibility Working Group (BRWG) met April 13 and made two proposed recommendations that will be discussed during the next TREC Workshop on May 3. Feedback from the TREC Workshop discussion will be part of the next BRWG meeting in July.

The process to apply for your Texas broker’s license is easier to understand thanks to a recent rule change.

There may be instances where a client wants to add language to a real estate contract. In a “hot market,” it is not uncommon for a buyer to want an escalation clause added to the contract (for example, language stating the buyer will pay “X amount more than the highest offer if other offers are present”). Typically, an escalation clause such as this will be added to “Paragraph 11, Special Provisions” (which is reserved for factual statements and business details) of the One to Four Family Residential Contract, but it might also be drafted as an addendum to the contract.