Updated Contract Forms Required For Use April 1, 2021
Submitted by Christine Anderson on Thu, 2021-04-01 16:13As of April 1, 2021, the following form versions are now required for use:
As of April 1, 2021, the following form versions are now required for use:
At the November quarterly meeting of the Commission, changes were adopted to several contract forms.
One of those changes involved how the option fee is handled and delivered in the contract. The following FAQs are intended to avoid confusion on this change.
For a review of other major changes to the forms, see the Commission’s article “Rule and Contract Updates from the November Commission Meeting.”
The newly updated Consumer Protection Notice (CPN) required for use as of February 1, 2021, is available on the Texas Real Estate Commission's website.
Yes, if the sponsoring broker has delegated to you in writing the responsibility to assist the broker in complying with the Real Estate License Act and Commission rules. A license holder who leads, supervises, directs, or manages a team must also be delegated as a supervisor. A delegated supervisor may be either a sales agent or broker.
During the November quarterly meeting of the Commission, several rule changes were proposed and form changes were adopted. See the full agenda and materials on the Commission Meetings and Minutes page.
Due to the extraordinary events related to the COVID - 19 outbreak TREC has decided to postpone all dates on the upcoming introductory and planning tour. We will, to the best of our ability, reschedule all planned dates. If you have further questions about TREC's response to the COVID - 19 outbreak please be sure to refer to our FAQs.
Many rules were adopted at TREC’s November 19, 2019 meeting, including rule changes to implement Sunset Advisory Commission recommendations and mandates, changes to implement other legislation, and fee changes. Additionally, TREC considered recommendations by the Broker-Lawyer Committee related to promulgated forms.
TREC recently amended §535.148 (and made conforming changes to §535.220) to strengthen settlement service provider independence and provide clarity about consumer protection issues when a license holder pays funds to or receives funds from another real estate settlement service provider. TREC has long had rules in place limiting an inspector’s ability to engage in what is commonly known as “pay to play.” However, TREC has not had explicit rul