Minimum Broker Services Rule

Commission Postpones Action on Amendments to
"Minimum Broker Services Rule"

The Texas Real Estate Commission decided to postpone taking final action on proposed amendments to 22 TAC section 535.2 at its meeting on Monday April 25, 2005.
After taking public testimony from interested persons and further deliberation, the Commission decided not to take final action to adopt the revisions that would have set a minimum service standard for Texas brokers who represent a client in an agency relationship.

The Commission instead decided to request another opinion from the Texas Office of the Attorney General regarding the possible effect of state and federal anti-trust laws on the proposed rule, and to respond on behalf of the Commission to the opinions expressed in the comment letter from the Federal Trade Commission and the US Department of Justice. The Texas Real Estate Commission received a comment letter signed by representatives of the Department of Justice and the Federal Trade Commission urging TREC not to adopt proposed amendments to 22 TAC section 535.2 regarding Broker's responsibility on April 21, 2005.

The Commission also took action to direct staff to request clarification from the Texas Legislature, in light of new business models that are in operation, of an existing statutory provision that prohibits a real estate licensee from engaging in negotiations with a person who is represented in an exclusive agency relationship.

Finally, the Commission requested staff to draft an interim disclosure statement to discuss and take possible action at the June 13, 2005 meeting.

To view a copy of the comment letter from the Federal Trade Commission and the US Department of Justice go to the "What's New" section of the TREC web site at http://trec.state.tx.us/ .

Florida is one HOT market for real estate!

Thanks for the forward, Kaz. Very interesting reading.

US to sue National Association of Realtors

Hmmmmm, very interesting. What do you think?

REAL ESTATE NEWS STORIES

TOP COMMERCIAL REAL ESTATE NEWS STORIES
April 29, 2005 - May 05, 2005
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