The Commission voted to change the contract forms. Most of the changes are not drastic with the exception of putting all the termination notices on one form. There was a small change in the option paragraph. In yet another attempt to educate agents that the OPTION MONEY goes to the seller. PLEASE STOP SENDING THE OPTION MONEY TO THE TITLE COMPANY. PLUS TITLE COMPANIES PLEASE STOP ACCEPTING THE OPTION MONEY FROM AGENTS. The forms are now in the public review step of the approval process. Check out the changes and make your comments to the Commission. The proposed forms should be posted on the TREC site. Click here to see if the proposed forms have been posted.
The Commission also voted to withdraw a rule that would have opened correspondence courses to private schools. A member of the legislature expressed their concern and suggested that the problem should be addressed in the legislature not by the rule making process of the Commission. The problem they want to address is the lack of control over correspondence course and the rise of "RENT A COLLEGES". This is where instead of supervising the educational program as they did in the past some of the colleges or universities have simply sold off their naming rights. When this rule was put into place many years ago with the colleges and universities offering the correspondence courses it was with the understanding that the colleges or universities would supervise the course programs to maintain educational integrity. This "RENT A COLLEGE" problem has resulted in some certificate mills setting up shop offering correspondence courses. In one case they were advertising that a student could complete all 210 hours required to get a license in just 24 hours. Before you say "What's wrong with getting 210 hours in only 24 hours" remember that real estate transaction where the other agent didn't have a clue of what to do. Think about it! Better education helps everyone. I hope with this new legislation these certificate mills will either clean up their act or go out of business. The overall goal is to improve the quality of this type of real estate education. If you have ideas about how to improve real estate education please drop me an e-mail:
A new Commissioner was also welcomed at the meeting. Avis Wukasch of Georgetown. In my opinion a great selection.
One disturbing statistic came from the Monthly Report for Feburary. It concerns the number of new license applications.
Broker License Original Applications Received were up 5.01%
Sales License Original Applications Received were down 24.13%
Total Original Applications were down 20.34%
It seems the negative National news has had an affect on people getting into real estate. Reports still indicate that Texas is doing better than other areas of the country.
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