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88th Texas Legislative Session Update, and the Impact on License Holders

The 88th Texas Legislature, Regular Session, began January 10, 2023, and ends May 29, 2023. This session opened with the Texas Real Estate Commission (TREC) and Texas Appraiser Licensing Board (TALCB) following 358 bills relevant to the administration of the agency.  A much smaller number will become law, one of relevance to Texas real estate license holders.

ESAC reviews rule language, recommends 30-hour brokerage course for sales agents

The Texas Real Estate Commission's Education Standards Advisory Committee (ESAC) met April 3.

ESAC addressed comments received regarding proposed changes to 22 §TAC 535.64, Content Requirements for Qualifying Real Estate Courses.  TREC staff clarified that the rule proposal simply cleans up the rule language to remove the references to topics required for each course, rather, pointing specifically to each qualifying course approval form to define content. 

Escalating to Trouble

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. 

What happens to your license when your broker dies?

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.