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.

TREC is pleased to announce an update to the Posting System that allows all providers of real estate Qualifying Education (QE) courses to post course credit directly into the agency’s system of record. The student must have a TREC real estate sales agent or broker license number to award qualifying credit.

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 TREC Broker-Lawyer Committee (BLC) met April 8. The committee received updates from various working groups and made recommendations for the Commission on form revisions and a new form.

Attorney Co-Chair and Alternate Co-Chair Named

The meeting started with attorney members electing John George to serve as attorney co-chair and Aimee Slusher as alternate co-chair.

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

TREC’s Broker-Lawyer Committee met January 14 to discuss public comments and potential changes to the Farm and Ranch Contract and other contract forms. Here are some takeaways from the meeting.

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.