Articles
Flexibility Added for Posting a Link to IABS and Consumer Protection Notices
Effective December 6, 2017
Since February 2016, you are required to have a specific link for each of these notices in a readily noticeable location on the homepage of your business website. The Commission has adopted amendments to those rules that give you additional flexibility when posting the link to the Consumer Protection Notice.
What Happens To Administrative Penalties?
(Hint: the money doesn’t fund the Commission)
Administrative penalties are not revenue -- the Commission doesn’t make money from administrative penalties. Instead, the money goes to a trust account to pay consumers for judgments against a license holder.
Don’t Be The One Who Gets Blamed When a Buyer Does Not Get Approval
Want to avoid a complaint? If you are a buyer’s agent and the buyer needs to get a loan, here are a few tips on how to avoid issues that have led to some complaints to the Commission.
SCAM ALERT!
TREC has been made aware of a scam requesting money from our license holders. The request is sent by text by someone posing as the Texas Real Estate Commission and asks that a specified amount be paid through Square Cash and provides a link to pay the amount (see example texts below).
Report Crimes Within 30 Days Or Face Penalties
Did you know you are required to notify TREC within 30 days if you have been convicted of a crime even if you are already licensed?
The Texas Real Estate License Act states that if you have entered a plea of guilty or nolo contendere or have been convicted of a felony or any criminal offense that involves fraud (including misdemeanors), you must disclose this to the Commission not later than the 30th day after the final conviction or the entry of a plea of guilty or nolo contendere.
TREC Benefits for Veterans
TREC values our active and veteran military service members and their families. We know the process of becoming licensed can be overwhelming.
Using Disclosure Forms And Contract Addenda Properly
Proper Use of Disclosure Forms
While a disclosure form is part of most real estate transactions, it is not a contract addendum. Since it is not a contract addendum, it should not be referenced in the “Agreement of the Parties” paragraph“ or otherwise made a part of the contract.
"Coming Soon" to a Complaint Near You!
There has been a proliferation of the use of “coming soon” or “pocket” listings over the past year. While there may be legitimate reasons for the use of this marketing method, license holders should be aware that selling property using this method, under certain circumstances, may result in a complaint with the Commission and finding that the license holder has violated TREC laws and rules.
Do I Have To Disclose That I Have a License When Buying and Selling My Own Property?
I’m the principal in a transaction. Do I have to disclose that I have a real estate license?