The Broker Responsibility Working Group met January 12, 2022, to discuss property management practices, public comments, and broker oversight in new agent transactions. Here is a recap of the group’s discussion.
The Texas Real Estate Commission (TREC) is conducting a study on wholesaling and seeking input from consumers, wholesalers, and license holders. Wholesaling is a model where a person enters into a contract to buy real estate and then sells their contractual interest in the property to a third party prior to closing. Take this anonymous survey to help the agency as it examines wholesaling practices and consumer protection measures. The survey should take about five minutes to complete.
During the 87th regular session, the Texas legislature passed SB 1588 which amended Chapter 209 of the Texas Property Code governing certain property owners ' associations (more commonly known as HOAs) to address a number of HOA-related issues, including providing greater transparency in HOA operations and leadership.
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 87th regular session, the Texas legislature passed SB 1588 related to Home Owner Associations (HOAs). This bill requires TREC to establish a database to accept management certificates from HOAs. This bill does not give TREC the authority to license or register HOAs, and TREC does not have enforcement jurisdiction of HOA activities.
September in Texas. The month we wish for fall, with pumpkin spice lattes and cooler weather. In reality, we have to wait many more weeks before going outside without melting in the sun. Here’s to the first cold front coming soon.
As a result of the healthy Texas real estate market, the agency has seen an increase in new applications and longer hold times. TREC is committed to providing superior customer service to anyone who reaches out to the agency. Part of that commitment is a dedication to ensure short hold times and quick responses to emails. To ensure the agency is maintaining the highest level of customer service, TREC has hired and is now training additional staff to answer phones and respond to emails.
On June 2, 2021, TREC inactivated broker business entity licenses in error. Upon discovery of the error, staff worked to resolve the issue and all licenses were restored by Friday, June 4, 2021. For purposes of full disclosure, we wanted our license holders to know the details of what occurred and what we are doing to avoid any similar incident in the future.
Happy May to each of you. I hope you all had a wonderful time celebrating the mothers in your life last weekend. Later this month, we celebrate Memorial Day. We honor those who have given their lives for our country. As we gather with friends and family to kick off summer, I encourage each of you to take a moment to solemnly consider those who did not return from the battlefield and acknowledge the cost of our freedom.
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