The One to Four Family Residential Contract (Resale), like many contracts, contains a “Notices” provision. In that TREC contract, the provision is in Paragraph 21. This needs to be filled out so the parties know where a notice should be sent or delivered to be effective. A license holder should remind their client how important this provision is and ensure, to the extent possible, that it gets filled out fully and accurately.
Broker Assumed Business Name (DBA) is another name for the broker’s business that can be used by all sponsored sales agents and brokers associated with this broker. Another name that indicates a broker’s line of business, e.g. property management or commercial is also a DBA.
The effective date of the new rules is May 15, 2018, and we want to make sure everyone is thoroughly prepared for the changes.
These rules are the result of years of work by the Commission and key stakeholders focusing on clarity of advertisements for consumers with the least restrictions on license holders. The rules also update, interpret and balance revised statutory requirements supporting free commerce and business competition with those protecting the consumer from misleading advertisements.
Texas Real Estate Commission adopted new advertising rules at its November meeting. These rules are effective as of May 15, 2018, which gives license holders 6 months to comply with the updated requirements.
§535.154 lays out alternate, assumed business and team name registration requirements and §535.155 lays out the revised advertising requirements. You can read both rules on our website.
Memorial Day was the last day of the 85th Legislative session. Several bills were filed this session relating to the agency and its license holders but not all of those bills made it through the process. Following is a summary of bills that passed both houses of the Legislature and have direct effect on license holders.
Section 535.228(a) of the Texas Administrative Code (Foundations) requires an inspector to render a written opinion as to the performance of the foundation. Many inspectors understand this to mean one of two things; the foundation is either performing or it is not performing. But sometimes the inspector is unable to determine this with sufficient confidence.
If there is one thing the COVID-19 pandemic has taught us is to expect the unexpected and that planning is essential for you and your business. While succession planning in the event of a broker’s death is largely outside of TREC’s jurisdiction and is primarily a private business decision, it may be helpful to keep a few things in mind.
Below is the video from the March 2021 "Coffee with the Commission." TREC chair Scott Kesner and TREC ED Chelsea Buchholtz discussed the recently adopted and proposed rules and contract changes from February 2021. Join us after each Commission meeting as we review all the latest from the Commission and answer your questions.
During the February meeting of the Commission, several rule changes were proposed and adopted. Changes were also adopted to two forms. See the full agenda and materials on the Commission Meetings and Minutes page.
Changes to the following rules were proposed: