BrokerageIndustry News

Texas revisits controversial real estate rule

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The Texas Real Estate Commission on Monday will consider whether to propose minimum-service rules for real estate brokers that could hammer discounters. Texas was the first state to establish new policies that would require brokers to perform a range of services – a move that would require some discount and limited-service brokers to change their business practices. The commission in November 2002 adopted an amendment to the state administrative code to establish new service standards, though the commission repealed this amendment in May 2003 "for further study of the issue." The commission later proposed the rule changes again, and the Texas Attorney General's Office considered whether the commission had the authority to establish such rules. In December 2004, the Attorney General's Office issued an opinion on the matter, concluding that the commission does have the authority to enact the rule change. The rule changes reviewed by the Attorney General's Office would require tha...