The Texas Real Estate Commission met on August 7 and adopted amendments to existing rules and proposed several more. View the meeting materials packet, which provides more details about all the changes, on TREC’s website. Here’s a breakdown of adopted amendments that relate to brokers. Find a list of other rule changes proposed by TREC here.
Who can be a designated broker?
TREC adopted a rule change to Section 535.53(b)(5)(A) to clarify who can be a designated broker. The adopted rule makes clear the designated broker can be a corporate officer, an LLC manager, an LLC member with managing authority, or a general partner for that entity.
Broker-entity renewal deadline changed
TREC adopted amendments to Section 535.91 to establish a deadline for submitting business entity license renewals. The adopted change says a renewal application for a business entity broker is filed timely if the application and all required supporting documentation is received by TREC, or postmarked, not later than the 10th business day before the license expiration date.
Other adopted or proposed rule changes from TREC:
- Does your linked IABS form comply with TREC rules? New proposal aims to clarify what’s required
- Proposed changes to requirements for the Consumer Protection Notice
- Proposed limits for when lawyers can draft contracts for principals who aren’t their clients
- TREC proposes a new advertising rule, adopts revisions to existing rule
- Rule amendment that would affect availability of TAR forms
- TREC proposes two new forms
- TREC proposes changes to statements for BPOs and CMAs