When was the Texas Real Estate License Act last amended?
In 2013, HB 2911 amended the law to require real estate inspectors to have the same education and license-renewal requirements as the Texas Real Estate Commission’s others license holders and addressed issues regarding errors and omissions insurance coverage and the real estate inspection recovery fund.
What act created the Texas Real Estate Commission?
In 1949 the Texas Real Estate Commission (TREC) was created to administer the act (Senate Bill 28, 51st Legislature, Regular Session).
When were real estate agents first licensed in Texas?
TRELA is enforced by TREC (Texas Real Estate Commission)What was the name of the first Texas Real Estate Act, originally passed in 1939? TEXAS PROPERTY COMMISSION. In 1939, the legislature passed the Real Estate Agents Act, which required real estate agents to acquire licenses.
What is one of the purposes of the Texas Real Estate License Act?
TREC’s primary function is to protect the public from unscrupulous or illegal acts of real estate professionals by enforcing the laws of Chapters 1101 and 1102 of the occupations code and adopt new rules as necessary.
Is it illegal to dual agent in Texas?
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.
Is subject to illegal in Texas?
In order to understand “subject to” transactions, one must separate the concept of title from the concept of debt. They are divisible. Transferring title to real property without transferring the obligation to pay the debt associated with it is a “subject to” transaction. …
What has the greatest impact on the value of a property?
A home’s size has a major influence on its value, with some prospective homebuyers looking specifically at price per square foot to filter out this effect and determine value. Bigger houses tend to sell for higher prices, of course.
How many of the nine Texas Real Estate Commission members represent the public?
The Texas Real Estate Commission is composed of nine members appointed by the Governor for six-year terms. Six members must be licensed real estate brokers. Three members must be members of the general public who are not regulated by the Commission.
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.
What are the six courses that are required to get a real estate license in Texas referred to as?
Complete 180-hours of approved Pre-Licensing education.
These 180 hours consist of the following six 30-hour courses: Principles of Real Estate I, Principles of Real Estate II, Law of Agency, Law of Contracts, Promulgated Contract Forms, and Real Estate Finance.
Is E&O insurance required for Realtors in Texas?
Though E&O insurance is not required in Texas, this policy provides crucial protection and some states require real estate agents to carry it.