The residential and commercial real estate industries are huge business in most parts of the United States and especially in the state of Texas where industrial growth is likely to increase at a rapid pace. Whenever there are multi-million dollar deals, there is also bound to be unscrupulous companies and individuals looking to make money through dubious real estate practices. As such, there needs to be a watchdog and regulator which explains the existence of the Texas Real Estate Commission (TREC).
The main goal of TREC is to ensure that the economic welfare of customers is protected by making sure licensees carry out all fiduciary responsibilities to clients while also forcing real estate companies to meet certain professional standards and qualifications. The real estate industry in Texas was first regulated in 1939 with the first licensing act while TREC was set up in 1949. Here are a few facts about the organization:
Role of TREC
The list of TREC’s responsibilities includes the following:
In terms of organizational structure, the state Governor appoints nine members with the aid of the state Senate with members appointed for six year terms. However, the term of three members expires every two years. Three of the nine members must be members of the public who have no affiliation with any organization that receives funds from TREC.
The rest of the group is made up of licensed real estate brokers who have been part of the industry for at least five years prior to their appointment.
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