星空体育app下载

2024 marks 75 years of the Texas Real Estate Commission (星空体育app下载) and its work to protect consumers in their real estate transactions. As that new chapter soon opens, here are some highlights from the Commission鈥檚 efforts during the last 12 months.

What to Know About Property Inspections

Among the many parts of a real estate transaction, it is easy for consumers to misunderstand the role of an inspector. With the proliferation of walkthrough, abbreviated inspections, the Texas Real Estate Inspector Committee (TREIC) wanted consumers to know their downsides compared to standard inspections, as well as what inspectors licensed by 星空体育app下载 are required to do by law.

星空体育app下载鈥檚 inspection rules and process were also highlighted in a news article by .

And Commissioners made changes to how the Standard Inspection Report Form is filled out鈥攖his is what all licensed Texas inspectors are required to use to report their findings. The Property Inspection Report Form Instruction Sheet explains how this should be done. More on the change can be found in February鈥檚 Meeting Recap.

Welcoming New Commissioners, Thanking the Outgoing

In May, Commissioners and staff traveled to Houston. It was the first time the agency broke away from its Austin headquarters to meet. The goal was to reach more license holders鈥攖here were more than 80 attendees.

The meeting opened with a welcome to three new Commissioners, pictured above from left:聽Chance Brown, Stuart Bernstein, and Renee Harvey Lowe.

They replace Jan Fite Miller, Micheal Williams, and DeLora Wilkinson (pictured below, left to right).

Miller had this to say about her departure: 鈥淪erving on the Texas Real Estate Commission was an unexpected honor and privilege. Simple learning the processes and volume of details that affect the Commission is enlightening. I certainly wish that I had not just been running scared of 星空体育app下载 and staying under their radar for 50+ years, but maybe that made our company stronger and better trained to always do what is right.鈥�

Wilkinson said, 鈥淚t has been my honor and privilege to serve the great state of Texas as one of the nine Texas Real Estate Commissioners over these past six years. When I came on as a Commissioner, 星空体育app下载 was a very different agency than it is today. The positive changes and growth we have seen I am proud to have been a part of. In leaving, it is in knowing that 星空体育app下载 is in good hands with our superb leadership staff, Chair and Commissioners.鈥�

New Response Time Rule

Commissioners adopted a rule that sets a timeline of two calendar days to respond to parties to a real estate transaction. Effective summer 2023, brokers or sales agents are required to respond within two calendar days to:

• Their principal.
• A broker or sales agent representing another party to a real estate transaction.
• An unrepresented party to a real estate transaction.

Read about how you can comply with 星空体育app下载 Rule 535.157, Obligation to Respond Timely.

Updated Forms: Consumer Protection Notice, Seller鈥檚 Disclosure Notice

Legislation passed by the 88th Texas Legislature required the Texas Real Estate Commission to update two frequently used forms: the Consumer Protection Notice and the Seller鈥檚 Disclosure Notice. The new forms are online and were required for use starting in September.

Texas Strong

September kicks off 星空体育app下载鈥檚 and the Texas Appraiser Licensing & Certification Board鈥檚 Season of Giving. The agency raises money for various Texas charities enrolled with the (SECC) and Partnerships for Children鈥檚 Campaign. This year staff raised nearly $21,000 and filled the wish lists of 42 children.

New Renewal Requirements

Effective October 1, sales agents renewing their license for the first time鈥攂oth active and inactive鈥攁re required to complete an approved 30-hour Real Estate Brokerage course as part of their 90 hours of Sales Agent Apprentice Education (SAE). This change was adopted during the May Commission meeting.

Also effective in October, active license holders whose licenses expire are set to inactive status as of the expiration date, and any license relationships to sales agents and/or brokers are terminated. Those who late-renew鈥攗p to six months after expiration鈥攁re renewed on inactive status. Read here how to avoid trouble and return to active status.

More Options to Earn CE at 星空体育app下载 Meetings

As of November, license holders may earn up to four hours of Continuing Education (CE) elective credit per two-year renewal cycle by attending any Commission meeting in person. A license holder must sign in and out of the meeting. CE is calculated based on the length of the meeting and attendance for the entirety of the meeting. For example, a two-hour-long 星空体育app下载 Meeting would result in two hours of CE credit. A license holder cannot earn partial credit across multiple meetings. Previously, a license holder could only earn CE elective credit by attending the February Commission meeting in person.

Coming in 2024

In January, there will be new way license holders can receive compensation through a business entity. They will have the option to register LLCs and S-Corporations with 星空体育app下载 for the sole purpose of receiving compensation if those entities meet certain requirements. Get more details about this change.

Wholesaling

Effective January 1, a person who engages in the practice of wholesaling must disclose in writing the nature of the equitable interest to any seller or potential buyer.

New Voluntary Form Proposed to Disclose MUDs

Under Texas law, if a seller鈥檚 property is in a water district, like a municipal utility district (MUD), the seller must provide a notice that includes certain specific information to the buyer prior to execution of the contract.

Water districts are required to post the notice containing the information in this form on the district鈥檚 website. However, if the district does not have the notice on its website, the seller can obtain the information from the district and then could use that information to complete the proposed Notice to Purchaser of Special Taxing or Assessment District form. You can submit online comments about the proposed form and the associated rule until December 24. The earliest the form could be adopted by the Commission is February.

Future Meetings

星空体育app下载鈥檚 next Meeting is February 12 in Austin. A new 星空体育app下载 vice-chair and secretary will be elected.

The 2024 May meeting is currently being planned to take place in the Dallas-Fort Worth area.

The above are some of 星空体育app下载鈥檚 2023 highlights. To keep up with the Commission, visit its website: . And if 鈥渘ew year, new job鈥� sounds like a good motto, check out 星空体育app下载鈥檚 employment opportunities.