What is the IABS?Texas law requires all brokers and sales agents to provide written notice regarding information about brokerage services at the first substantive communication with prospective buyers, tenants, sellers, and landlords concerning specific real property. The Information About Brokerage Services form (or the IABS) is the required method to provide that information to those parties. Show
Posting and delivery are BOTH requiredIt is important to remember that the IABS must both be delivered at the first substantive communication, and the completed IABS must be posted on the homepage of the license holders’ business website. A business website is a website controlled by the license holder, accessible to the public, and that contains information about a license holder’s real estate brokerage services. Posting the IABSMake sure to comply by following these simple rules.
Delivery of the IABSWhat are some acceptable ways to deliver the IABS?
What is the Consumer Protection Notice?The Consumer Protection Notice provides information about filing a complaint with TREC, and information regarding the two TREC recovery funds. This notice must be displayed in a readily noticeable location in each place of business the broker maintains and must be posted on your business website homepage in a readily noticeable place. The link on the website must either state "Texas Real Estate Commission Consumer Protection Notice," in at least 10 point font or "TREC Consumer Protection Notice," in at least 12 point font. Still, have more questions?Review or Frequently Asked Questions on the TREC website. Search by “IABS” or “Information About Brokerage Services”. The Texas Real Estate Commission on November 7 adopted form revisions recommended by the Texas Real Estate Broker-Lawyer Committee (BLC). Proposed revisions were made at the August TREC Meeting and open for public comment until September 26. TREC received 123 comments during this timeframe, and the BLC met October 14 to review and discuss each comment. The committee made non-substantive changes based on public comments and recommended the forms be adopted at the November TREC Meeting. Adopted Changes to All Contract FormsThe changes listed below apply to all contract forms unless specified otherwise. Paragraph numbers referenced are from the One to Four Family Residential Contract (Resale).
In the Unimproved Property Contract, the Farm and Ranch Contract, the New Home Contract (Incomplete Construction), and the New Home Contract (Complete Construction), the Seller’s Disclosures paragraph has been amended to: (i) add checkboxes to each disclosure item to indicate whether the seller is or is not aware; and (ii) add two additional disclosures relating to whether the property is located in a floodplain or if any tree located on the property has oak wilt. Adopted Changes to the Farm and Ranch Contract FormThe Farm and Ranch Contract contains the following additional changes:
Adopted Changes to the Residential Condominium Contract (Resale) FormThe Residential Condominium Contract contains the following additional changes:
Adopted Changes to the Amendment to Contract FormThe Amendment to Contract is amended to add a notice to consult an attorney and to add a reference to Paragraph 7 of the contracts in Paragraph 2 of the Amendment dealing with repairs. The form is also amended to replace the parenthetical following Paragraph 9, Other Modifications, with a statement that real estate brokers and sales agents are prohibited from practicing law. Lines have also been inserted into the blank. Adopted Changes to the Seller Financing Addendum FormThe Seller Financing Addendum contains the following amendments:
Adopted Changes to the Addendum for Property Subject to Mandatory Membership in a Property Owners Association FormThe Addendum for Property Subject to Mandatory Membership in a Property Owners Association is amended to except regular periodic maintenance fees, assessments, or dues (including prepaid items) that are prorated under Paragraph 13 from the parties' obligation to pay under this section, as well as costs and fees provided by Paragraphs A and D. Adopted Changes to the Third Party Financing Addendum FormThe Third Party Financing Addendum is amended to add an "other financing" box in Paragraph 1. Paragraph 3 is amended to add that a note must be secured by vendor’s and deed of trust liens only if required by the buyer’s lender. Finally, the phrase "provided in relation to the closing of this sale" is struck from Paragraph 5B to streamline the paragraph. Adopted Changes to the Addendum Regarding Residential Leases and Addendum Regarding Fixture Leases FormsBoth the Addendum Regarding Residential Leases and the Addendum Regarding Fixture Leases are amended to add a checkbox in Paragraph B1 related to notice of oral leases. Additionally, the Addendum for Disclosure of Fixture Leases is amended to modify Paragraph A1 to include checkboxes, in lieu of a blank line, so that the parties can specifically indicate what types of fixture leases will be assumed and assigned. Adopted Changes to the Notice to Prospective Buyer FormThe Notice to Prospective Buyer form—which currently exists but has not had a corresponding rule which adopts the form by reference—is amended to add a reference to the notice requirements regarding public improvement districts. The Notice to Prospective Buyer form is a voluntary use form and may be used once posted on the agency’s website. Adopted Changes to the Loan Assumption Addendum FormThe Loan Assumption Addendum contains the following amendments:
Adopted Changes to the Addendum for Reservation of Oil, Gas, and Other Minerals FormThe Addendum for Reservation of Oil, Gas, and Other Minerals is amended to replace the phrase "reserve and retain implied" with "waive" in Paragraph C. The term "current" is added to "contact information" in Paragraph D. When Will the Revised Forms Be Available?The Notice to Prospective Buyer form is a voluntary use form and may be used once posted on the agency’s website. All remaining contract forms, once posted on the agency website, will be available for voluntary use until February 1, 2023, when their use becomes mandatory. What Else Happened During the TREC Meeting?Read the recap for details on proposed revisions to rules related to the inspection form and the unauthorized practice of law. News and Article Category: Which of the following is a responsibility of the Tennessee Real Estate Commission?Created in 1951, The Tennessee Real Estate Commission licenses, registers and regulates real estate brokers and affiliate brokers, real estate firms, rental location agents, time-share salespersons and developments, vacation clubs and vacation lodging services.
Which of the following is required on any Tennessee real estate advertising?What are the requirements for advertising real estate in Tennessee? You must make it clear you are a real estate agent; Your managing broker's information must also be included; The firm's name and phone number must be placed in the ad (you can include yours as well);
What type of agency agreement creates a relationship between a buyer and a broker including all of the broker's affiliates?A listing agreement is “a legally-binding contract that creates an agency relationship authorizing a broker to serve as the agent for a principal in a real estate transaction.” In other words, a listing agreement is an employment contract between a client and a broker that spells out what the broker is responsible for ...
Which of the following is a requirement of a principal broker who supervises licensees in Tennessee?Which of the following is a requirement of a principal broker who supervises licensees in Tennessee? The broker must provide affiliate licensees with viable leads.
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