What is the law that established the Texas Real Estate Commission?
xas Legislature established the Texas Real Estate Commission (TREC) in1949 to safeguard consumers in matters of real property transactions and valuation services.
What is the Texas real estate Act?
The Texas Real Estate License Act is the legislation that governs the licensing of Texas real estate license holders. … The Texas legislature created TREC in 1949 (10 years after the creation of TRELA) for that purpose. Think of it this way: TRELA is the law, and TREC is the enforcer of that law.
For what purpose was the Texas real estate broker lawyer committee created for?
The Texas Real Estate Broker-Lawyer Committee was created in 1983. It drafts and revises contract forms for use by real estate licensees. The purpose is to expedite real estate transactions and reduce controversies while protecting the interests of the parties involved.
Is Texas A dual agency State?
No. Texas law does not permit dual agency. A license holder may not represent both principals as a dual agent under the revisions to TRELA. Under the current law, a broker must agree to act as an intermediary in accordance with the statute if the broker agrees to represent more than one party in a transaction.
Are open listings allowed in Texas?
Open listings are not accepted except where required by law because the inherent nature of an open listing is such as to usually not include the authority to cooperate and compensate other brokers and inherently provides a disincentive for cooperation.
Which addendum warns buyers that Texas may have the right to take their property?
Which addendum warns buyers that Texas may have the right to take their property? 1. Addendum for Property located Seaward of the Gulf Intercoastal Waterway, 2.
When a Texas real estate license holder is in inactive status?
With an inactive license, you pay the renewal fee every two years to keep the license current but are not required to complete CE. This means you are unable to provide real estate services as a license holder but would have an inactive and current license with TREC.