Over the weekend, the Texas Legislature passed REALTOR®-priority legislation. SB 1577, which will update administrative language for the Texas Real Estate Commission and preserve the work of the Texas Real Estate Research Center at Texas A&M University, passed the House 137-0 and was sent to the governor’s desk on Wednesday, May 10. The bill is the first major REALTOR®-supported legislation this session to clear the Legislature.
The bill, authored by Sen. Jose Menéndez (D-San Antonio), “Revises outdated terms and procedures at the Texas Real Estate Commission,” explained the bill’s House sponsor, Rep. Ken King (R-Canadian), on Saturday. This legislation will modernize the statute governing the commission and the center, bringing them into the 21st century and setting them on the path to success. After the bill is signed by the governor, it will go into effect on January 1, 2024.
“Texas REALTORS® thanks Sen. Menéndez and Rep. King for leading the way toward this victory for the association and all Texas property owners,” said Tray Bates, Vice President of Governmental Affairs. “We look forward to Gov. Abbott signing the bill in June.”
OK, well what are they changing?
Yes, but can you explain what this mean for us Realtors??
http://capitol.texas.gov/tlodocs/88R/billtext/html/SB01577I.htm
It’s online…
Nice. Has anybody bothered to pair down this text into a simple paragraph or two as to what this means to agents and brokers ? Or is that too much to ask ?
I have been licensed since 1966. What state commission held my license for the first 6 years before TREC?
I attempted to read it. Seems like power is changing from 1 hand to another. Only they know the ones that benefit from that. What jumped at me is that from what I understand, out of state brokers can practice here.
Please explain to me how an out of State broker is geographically competent? Is this for the “Broker in a box” Those who have a managing broker with 500 agents? Easy to keep track of, I’m sure.
Section 9 seems to be most relevant to realtors. Does it mean you can have an LLC without having it licensed?
I’m from the government and I’m here to set you on a path to success…YIKES!
HB 4277 would ensure a purchase contract can’t be canceled for failure to notify a buyer that the property lies within a public improvement district if the PID is not properly filed with the county clerk. It also would establish a 7-day limit for buyers to termite the contract even if the PID is properly filed. For more details, view the bill analysis here. SB 1916 would increase property owner awareness of whether their property is located in a PID by disclosing that information on the central appraisal district websites.
Congratulations to the Texas Legislature for passing SB 1577, a significant piece of legislation supported by REALTORS®. The bill’s passage, with a unanimous vote in the House, demonstrates the broad support and recognition of its importance.
Updating the administrative language for the Texas Real Estate Commission and preserving the work of the Texas Real Estate Research Center at Texas A&M University are crucial steps in modernizing the real estate industry in the state. These updates will bring the commission and the center up to date with current practices and technologies, ensuring their effectiveness and relevance in the 21st century.