Texas Real Estate Commission Information About Brokerage Services
Sale of Equitable Interests in Real Estate Clarified (Real Estate Investors) SB 2212 amends Chapter 1101 to codify the clarifying changes to TREC rules regarding sale of certain equitable interests in real property. Just like the rule, this statutory change clarifies that a person selling or offering to sell an option or assigning an interest in a contract to purchase real property must accurately disclose to potential buyers the nature of the interest offered. If a person offers a property for sale when the person does not own the property, that person is engaged in brokerage and must be licensed to do so. This is the current law. If a person offers to sell an option or assign an interest in a contract on a property, the person must accurately describe the interest being offered. The same requirement for accuracy is added in the Property Code. The practice of “wholesaling” remains legal if these “truth in advertising” rules are adhered to.
Public Disclaimer Concerning Services: MLS systems syndicate to several third-party sites. We can not guarantee syndication to third-party sites correctly since we do not have control over how they operate since this is not a function we perform within our company. For the reason mentioned, we do not guarantee how your properties photos or details of your property will syndicate. Third-party sites such as Realtor®, Trulia, Zillow, etc. are in the business to sell leads to their customers, which are other Realtors® within your market that subscribe for the leads for money provided to the site. We do not guarantee or promise to deliver leads to you from these mentioned third-party websites, nor from any of the other third-party websites on the internet. We CAN guarantee your property will be listed on the MLS within your selected market area and we do GUARANTEE your property listing is published in the MLS. Each MLS is independent of any other MLS in a given market area. We are available to answer your questions about the MLS. The number of photos your package allows is mandated by the MLS. We will provide you the Maximum allowed by your package so long as the MLS allows us to do so. Syndication to third-party websites is a function of the MLS and can not guarantee your property will receive syndication to any particular third-party website. Our agreement with you is not contingent upon any particular third-party site and the fee your pay us to list your property is only for listing on the MLS.
Your Seller contact information is made available to agents who subscribe to MLS. These agents have access to your contact information within the Agent Remarks/Private Remarks section of the MLS listing. Those agents are instructed to contact you for showings or questions about your property features/details.
Potential buyers and/tenants are instructed/directed to visit www.TexasFSBOMLS.com to get your contact information so they can call you directly.
We are compliant with Texas Real Estate Commission rules and regulations as well as those with TAR, NAR and MLS boards across Texas with which we list within.
Minimum Services Requirements TRELA §1101.557 ACTING AS AGENT; REGULATION OF CERTAIN TRANSACTIONS (a) A broker who represents a party in a real estate transaction or who lists real estate for sale under an exclusive agreement for a party is that party’s agent. (b) A broker described by Subsection (a): (1) may not instruct another broker to directly or indirectly violate Section 1101.652(b)(22); (2) must inform the party if the broker receives material information related to a transaction to list, buy, sell, or lease the party’s real estate, including the receipt of an offer by the broker; and (3) shall, at a minimum, answer the party’s questions and present any offer to or from the party. (c) For the purposes of this section: (1) a license holder who has the authority to bind a party to a lease or sale under a power of attorney or a property management agreement is also a party to the lease or sale; (2) an inquiry to a person described by Section 1101.005(6) about contract terms or forms required by the person’s employer does not violate Section 1101.652(b)(22) if the person does not have the authority to bind the employer to the contract; and (3) the sole delivery of an offer to a party does not violate Section 1101.652(b)(22) if: (A) the party’s broker consents to the delivery; (B) a copy of the offer is sent to the party’s broker, unless a governmental agency using a sealed bid process does not allow a copy to be sent; and (C) the person delivering the offer does not engage in another activity that directly or indirectly violates Section 1101.652(b)(22).
Texas law requires real estate brokers to accept and present offers and counteroffers and answer their clients’ questions in every real estate transaction, even if consumers do not wish to buy these services.