The Texas Real Estate Commission met remotely for its May meeting. You can watch the entire meeting on YouTube and download the agenda and materials at TREC’s website. Below are highlights relevant to you.
Broker Responsibility Working Group Members Named
The commission appointed license holders—all REALTORS®—to the Broker Responsibility Working Group. The group will review experience requirements and role responsibilities for brokers, and will make recommendations to the commission based on its findings:
- Chance Brown, Houston
- Socar Chatmon-Thomas, Austin
- Holly Hightower, Tyler
- Bob Jacobs, San Antonio
- Leslie Lerner, Houston
- Yazmin Perez, Hutto
- William Roth, Dallas
- Brian Sales, Midland
- Pamela Titzell, Lubbock
New Proposed Form Language
The Broker-Lawyer Committee brought forth several proposals for changes to TREC’s forms. The earliest the proposed changes could be reviewed and voted on for adoption would be at TREC’s August meeting. Below are the significant changes that have been proposed:
- Smart devices: updates language to account for modern technology becoming more common in homes
- Leases: provides new language and addenda for fixture leases and residential leases
- Prorations: adds clarifying language on payment of prorated taxes
- Termination option fee: changes payment of termination option fee to the escrow agent instead of the seller.
These proposed changes will be available for public comment in the Texas Register, and the full text of the changes can be found in the meeting materials. Texas REALTORS® encourages members to review the proposed language closely and send TREC your comments.
Adopted Rule Changes
The commission approved a handful of new rules . The first change, to §535.92, requires three hours of real estate contract-specific education within the 18 hours of required continuing education courses. This change does not increase the number of non-elective hours licensees are required to take.
Changes were approved for §535.72 to streamline non-elective education courses. The change allows exams for online courses to take place within the instruction time, as is done for in-person courses.
Finally, changes were adopted to §535.75 that streamline requirements for continuing education providers by only requiring examinations for non-elective continuing education courses regardless of course delivery method.
The termination option rule change is long overdue. It’s a lot of work and friction delivering and receipting what is typically a small amount. Certainly a big improvement in efficiency.
I am in agreement for the changes proposed
Paying the termination option fee to the escrow agent is a great idea and a time-saver. I think 3 hrs of contract specific education is a good idea since a lot of agents don’t keep up with contract changes as they are made.