 Broker-Lawyer Committee
It discussed the pending NAR settlement on April 12 and whether it affects TREC forms. That's where a request for feedback comes in.
BLC is seeking stakeholder comments on the following ideas:
- Remove all references to the multiple listing services in the contract forms.
- Include a simple statement that any and all fees to the brokers in the transaction will be paid pursuant to separate agreements between the parties and their brokers or between the brokers.
- Identify the fees to be paid to each broker in a manner similar to the model found in TREC?s?Farm and Ranch Contract?form (TREC 25-15) or the Texas Realtors commercial contract form.
- Remove all references to brokerage fees in the contract forms and publish an addendum for the payment of brokerage fees using either model found in the?Farm and Ranch Contract?form or in the Texas Realtors commercial contract form.
- Insert a new subparagraph in Paragraph 12A in which the Seller may agree to pay a specific concession to pay fees payable to the Buyer?s broker.
- In Paragraph 12A, include in the definition of Buyer?s Expenses a statement similar to ?broker fees Buyer has agreed to pay? and in the definition of Seller?s Expenses a statement similar to "broker fees Seller has agreed to pay."
You can?submit public comment on these potential changes by email or attend the next BLC meeting in person.
And watch their discussion highlights by clicking the picture to the right.?
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The Future of What it Takes to Be a Broker
The Broker Responsibility Advisory Committee (BRAC) met April 23. It is interested in public comments about these initiatives:
- Potentially reduce the total education hours required for licensure to 630 from 900.
- Explore awarding credit only for real estate-related education college course hours, such as accounting, advertising, law, finance, management, and marketing.
- Brainstorming a process that would count experience toward education hours.
You can?email your feedback on the above for BRAC's consideration and discussion at the next meeting on July 18.
Inspector Committee
It met April 15 and shared a timeline on the new review of the Real Estate Inspector Standards of Practice and how inspectors can be involved.?
Education Standards Advisory Committee
Its April 1 meeting recap includes?Principles I & II updates and a Law of Agency Course review.
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. If a meeting is fewer than four hours long, you will receive credit for the length of the meeting. Don't forget to sign in and out of the meeting!
Meeting details:
- 05/20/2024 at 10:00 a.m.
- Marriott Dallas Las Colinas, Planters Ballroom
- 223 W Las Colinas Blvd., Irving, TX
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