What is the law that established the Texas Real Estate Commission?

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).

For what purpose was the Texas real estate broker lawyer committee created for?

The Texas Real Estate Broker-Lawyer Committee was created in 1983. It drafts and revises contract forms for use by real estate licensees. The purpose is to expedite real estate transactions and reduce controversies while protecting the interests of the parties involved.

What rules guide inspectors under TREC?

A TREC licensed inspector may perform inspections on commercial property, as long as no other laws prohibit the inspector from doing so (please check with the Texas Board of Professional Engineering to determine when a Professional Engineer license is required). All inspections would be subject to §1102.301 et seq.

Who makes up the real estate commission?

In residential home sales, the total real estate commission paid by the seller is typically between 5% and 6% of the sale price. This amount is split between the brokers, or companies the agents work for, representing the buyer and seller. Each agent then receives a portion of the commission split from the broker.

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What does trec stand for?

TREC

Acronym Definition
TREC Texas Real Estate Commission
TREC Trans-Mediterranean Renewable Energy Cooperation
TREC Trading Right Entitlement Certificate (Pakistan)
TREC The Real Estate Club (various locations)

What is the difference between Trela and TREC?

TRELA and TREC

The Texas Real Estate License Act is the legislation that governs the licensing of Texas real estate license holders. The Texas Real Estate Commission (TREC), on the other hand, enforces the provisions of TRELA. … Think of it this way: TRELA is the law, and TREC is the enforcer of that law.

What’s a BPO in real estate?

Broker price opinion definition

A broker price opinion, commonly known as a BPO, is a real estate professional’s opinion of a property’s value. BPOs are most often used when setting the list price of a property, similar to a comparative market analysis, and in the case of a foreclosure or short sale.

What are the six courses that are required to get a real estate license in Texas referred to as?

You must take and pass 180 hours of Pre-Licensing education from an approved education provider. 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.

What is trec sunset review?

The Sunset Review of the Texas Real Estate Commission and Texas Appraiser Licensing & Certification Board. … First, Sunset Commission staff will evaluate the Texas Real Estate Commission and Texas Appraiser Licensing & Certification Board and issue a report in October 2018 recommending solutions to problems found.

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