What was the name of the first law regulating real estate brokerage in Texas which was originally passed in 1939?
Texas Real Estate Commission.In 1939 the legislature passed the Real Estate Dealer’s License Act, which required real estate agents to obtain licenses.
What law 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).
Which entity was formed for the purpose of enforcing the real estate Dealers Act in Texas?
The TREC enforcement team members carry out the Commission’s mission to protect consumers by enforcing The Real Estate License Act, Rules of the Commission, Chapter 1102 of the Texas Occupations Code regarding Real Estate Inspectors, the Texas Timeshare Act, and the Residential Service Company Act.
What is the primary purpose of real estate licensing laws?
Real estate licenses, authorizations issued by state governments, give agents and brokers the legal ability to represent a home seller or buyer in the process of buying or selling real estate.
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.
What is considered common property in Texas?
Texas is one of nine states that is a community property jurisdiction. In general, this means that any property acquired by a couple during their marriage (with a few exceptions) is equally owned by both spouses. This can have a profound effect on the dissolution of property during divorce proceedings.
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.