How You Can Help TREC Raise the Bar in Texas Real Estateby TREC Executive Director Chelsea
Buchholtz Greetings from Austin. We are just on the other side of another Commission meeting and participation in Texas REALTORS Winter Meeting. I love that these two events occur at the same time in Austin so that attendees of the Winter Meeting can also attend the Commission meeting (and receive CE credit). And with Texas REALTORS as TREC's largest stakeholder group, participating in Winter Meeting is a wonderful opportunity to be with license holders. We talked about
wholesaling, risk reduction/enforcement, education, and provided a TREC update to the Board of Directors. I am grateful for every opportunity to be with our license holder communities, and this was no exception. Throughout the last few months, and even at the most recent Commission meeting, broker supervision has come up as a topic of conversation in various forms, but primarily, it’s about sales agents who are not properly supervised by their brokers. This concern is often raised by
a broker or agent on the other side of a real estate transaction. The Broker Responsibility Working Group (BRWG) and Education Standards Advisory Committee (ESAC) are each looking at aspects of this—potentially increasing the number of transactions a broker needs to sign off on and identifying qualifying and continuing education opportunities to educate brokers and agents about their responsibilities. As so many new agents join the professional community, equipping them with resources and
supporting them is imperative. We will look for avenues to raise the bar from a regulatory and educational standpoint. But I also want all license holders to share in the responsibility to raise the bar. When you see problematic conduct of a fellow license holder, file a complaint. TREC is a complaint-based enforcement agency. We do not have investigators in the field looking
for the bad actors. We rely on complaints to issue discipline. We rely on you. I have heard many say, "I can’t file a complaint. I need to work with these people again!" If that is true for you, I challenge you to come alongside those who need guidance and provide it. Kindly correct. Or call their broker. Do what it takes to change that type of conduct. The responsibility to raise the bar lies with us all—TREC does so from a regulatory standpoint. But each of
you can do so as well. You can expect more to come on this topic in the coming months. I look forward to finding solutions and for each of you to be part of the conversation.
Updates from the February Texas Real Estate Commission MeetingThe Texas Real Estate Commission met February 14. In addition to hearing updates from TREC staff, the
Commission elected Jan Fite Miller as vice chair and Jason Hartgraves as secretary. Find out more about adopted and proposed rule changes, plus find the materials and recording from the meeting. Appraisal, Evaluation, Broker's Price Opinion: What’s the Difference?With countless valuation products, it’s important to know the differences and to understand the legal requirements of each. This article discusses the differences between appraisals, evaluations, and broker’s price
opinions. Updated Texas Real Estate Inspector Standards of Practice Now EffectiveReal estate inspectors licensed in Texas are required to follow the Standards of Practice (SOPs). These SOPs define the minimum requirements for a real estate inspection performed for a prospective buyer or seller of one to four family dwelling. Changes to the SOPs were adopted at
the August TREC Commission Meeting and are effective as of February 1. Wholesaling in Texas Survey Closing SoonTREC is conducting a survey on wholesaling and seeking input from consumers, wholesalers, and license holders. The survey will close Friday, February 18. 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. Your anonymous responses will help the agency as
it examines wholesaling practices and consumer protection measures. The survey should take about five minutes to complete. TREC UpdatesEducation Standards Advisory Committee Recap: New Leadership, Administrative Audit Update, and New Working GroupThe Education Standards Advisory Committee (ESAC) met January 3 and discussed potential
courses and appointed new leadership. It also heard from staff about the current administrative audit and what it entails. Read more Broker Responsibility Working Group Talks Property Management, Broker Oversight of New AgentsThe Broker Responsibility Working Group met January 12 to discuss property management
practices, public comments, and broker oversight in new agent transactions. Read more TREC's Broker-Lawyer Committee met January 14 to discuss public comments and potential changes to the Farm and Ranch
Contract and other contract forms. Read more Texas Real Estate Inspector Committee Recap: New Committee Leadership, Discussion on SOPs and Report Delivery by InspectorThe Texas Real Estate Inspector Committee met January 18. Three new officers were elected to serve in committee leadership, and the
committee also made two subcommittee appointments. Read more
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