The Broker-Lawyer Committee (BLC) recommended several changes to the TREC contract forms. Most of these changes are the culmination of two years’ worth of work on the part of the committee, with other changes recommended in response to industry practice changes around broker compensation affecting many license holders. The following changes were proposed at the August TREC Meeting.
The Texas Real Estate Commission met August 19 in Austin for its third meeting of the year. The Commission adopted a new rule addressing broker succession. In addition, several form changes were recommended by the Broker-Lawyer Committee (BLC) and proposed by the Commission, which means you can provide your public comment on these changes now. Read on for more updates.
During the May 2024 TREC Meeting, the Commission proposed a new rule to address broker succession when the designated broker for a business entity passes away.
The Texas Broker-Lawyer Committee (BLC) met April 12 and discussed the National Association of Realtors proposed settlement agreement for a lawsuit it is involved with related to commissions that may affect members of NAR, Texas Realtors, and local boards of Realtors—all voluntary membership organizations. While many TREC license holders are members, not all of them are, nor are they required to be.
If you've been wondering if the recent NAR settlement announcement relates to TREC, livestream the next Texas Broker-Lawyer Committee (BLC) meeting on Friday, April 12 at 9 a.m. CT. BLC members will review public comments it has received and discuss how NAR’s situation may affect TREC forms.
TREC is not involved in the litigation. TREC has narrow regulatory authority over license holder compensation—specifically, that a broker is the one who gets paid. However, some contract form language may be impacted.
Maybe you’re taking a break from the business, planning to switch brokerages, or intended to temporarily terminate your sponsorship relationship. No matter the reason, awareness of your continuing education (CE) completion date will save you from surprises when you’re ready to go active again.
The Texas Real Estate Commission (TREC) met November 6 for its final quarterly meeting of 2023. TREC Chair Scott Kesner recognized a group of license holders who attended to earn Continuing Education (CE) credit. This was the first opportunity to earn CE credit by attending a quarterly TREC meeting under a rule change adopted by the Commission in August. Previously, license holders could only earn credit by attending the February TREC Meeting.
As of now, the only way a license holder can receive compensation through a business entity is by obtaining a business entity real estate broker license. Effective January 2024, license holders will have the option to register LLCs and S-Corporations (S-Corps) with TREC for the sole purpose of receiving compensation, as long as those entities meet certain requirements.
The Texas Real Estate Broker-Lawyer Committee (BLC) met October 13 and continued discussing possible revisions to contract forms and recommended one new form for proposal.
Under Texas law, if a seller’s property is located in a water district, like a municipal utility district (MUD), the seller must provide a notice that includes certain specific information to the buyer prior to execution of the contract.
Legislation passed by the 88th Texas Legislature requires the Texas Real Estate Commission to update two frequently used forms: the Consumer Protection Notice and the Seller’s Disclosure Notice.
What changed? It no longer references the real estate inspection recovery fund, which was repealed this session.
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