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If you participate in a transaction and hold more than a 10% interest in the corporation or other business entity, you are subject to the disclosure requirements. Paragraph 5A of the One to Four Family Residential Contract (Resale) (TREC 20-16) states that the buyer must the deliver the earnest money and the option fee to the escrow agent within three days of the effective date of the contract. Assist with leasing activities and . Can a license holder offer to enter an unlicensed person in a drawing to win a cruise for referring a potential lessee or buyer? In 2021, SB 1588 required the Texas Real Estate Commission to develop a publicly accessible database for property owners' association management certificates. Assist the General Manager in all actions that involve and/or influence the property. Language related to license reinstatement is removed from 535.55. Yes. However, under the home inspector license issued by TREC, the inspector MAY NOT comment on whether termite infestations exist. 41-3, Loan Assumption Addendum, Standard Contract Form TREC No. Sanitarians. The agency's sole interest in requiring all brokerage business names to be disclosed to TREC and reflected in the agency's database is to provide a resource to consumers who need to know which individuals and licenses are associated with any particular business name; therefore all names are "searchable" from our agency website. I loaned Broker Smith $10,000 to build his real estate office and now he won't repay me. Can I take the buyers I represent with me to the new broker if the buyers signed buyer representation agreements? With this repeal and the additional proposed changes in 22 TAC Chapter 535, a license holder who late renews (meaning no later than 6 months after the expiration date) would automatically renew on inactive status. The testing pressure is always higher than the normal operating pressure of the system. If you are a member, TAR may have a form that fits your needs. The tables below show all of our recently proposed and adopted rules. When a broker holds earnest money or any money from property management activities in a trust account, how often is a broker required to account for that money? [Rule 535.16(b)]. Is the proximity of the return to the gas fired appliances a required reporting deficiency? However, you should consult with a private attorney for advice on this matter.