Last week we celebrated Veterans Day. We have many license holders who have served our country in the military. Your sacrifices have not gone unnoticed, and I am grateful for your service.  

During the November quarterly Commission meeting, several rule changes were proposed and adopted. See the full agenda and materials on the Commission Meetings and Minutes page. The next Commission meeting is scheduled for February 14, 2022 at 10:00 a.m.

Proposed Rules

The Texas Real Estate Inspector Committee met on October 11 via videoconference.  There was not much on the agenda as the committee has covered a lot of ground the last couple of years.  There was a discussion about the new Property Inspection Report Form (REI 7-6) that will be required to be used as of February 1, 2022.  There is a new section in that report form for Gas Distribution System and Gas Appliances.  There was a concern that there might be confusion on where to put deficiencies in gas appliances, such as the water heater, HVAC, etc., since those are specified in other locations

Happy October to all of you! I hope this message finds you well and that fall has arrived in your part of the world so that you can enjoy being outside a bit without the Texas heat. 

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. 

Buying a home is often the single biggest investment a person can make. Selling a home can be an overwhelming and confusing transaction. Because of the complexity of buying or selling property, many consumers hire a professional advisor to help them with the process. The Texas Real Estate Commission (TREC) is responsible for licensing real estate service providers in Texas to ensure they are qualified to help consumers with buying and selling property.

There are two major categories of real estate professionals licensed by TREC.

The Texas Real Estate Commission recently adopted changes to the real estate inspector Standards of Practice (SOPs) at its August 9, 2021 meeting based on recommendations from the Texas Real Estate Inspector Committee. These changes are not effective until February 1, 2022. This six-month period will provide inspectors the time necessary to familiarize themselves with the updated SOPs prior to their mandatory use on February 1, 2022. 

The Texas Real Estate Commission (TREC) is pleased to announce the appointment of two broker members to the TREC Broker-Lawyer Committee. Broker members Dianne McCoy and Mary Miner were appointed at the August 2021 Commission meeting with terms set to expire in 2027.