The proposed amendments to 537.11 reorganize and consolidate the rule for clarity, and simplify the language regarding when a license holder is required to use a Commission-approved contract form and what is considered the unauthorized practice of law. Inspectors are not required to report the presence of transite pipe as a deficiency. Although a license holder may not pay an unlicensed person valuable consideration for referring a potential lessee or buyer, gifts of merchandise with a retail value of $50 or less are not considered valuable consideration. Is the inspector required to perform any inspection of the meter? A properly constructed and properly functioning bathtub or shower should drain virtually all water (with the exception of minimal amounts that remain due to the surface tension of the water). Language is also added to specify whether the escrow account will or will not be services by a third-party servicer at either the buyers or sellers expense. Is a broker responsible for the actions of a sales agent who owns his or her own real estate business entity? Does TREC ever discipline a license holder who fails to use an adopted form? However, a license holder may rebate all or a portion of the fee or commission to the party being represented in the transaction, or, with consent of the party being represented, the license holder can also pay all or a portion to a party the license holder does not represent in the transaction. A licensed broker is prohibited from sharing compensation with anyone who acts in the capacity of a broker but is not licensed as a broker [TRELA 1101.651(a) and 1101.652(b)(11)]. Is the inspector required to warn of the risk of Chinese drywall? Like a listing agreement, the buyer representation agreement must be in writing and signed by the buyer to be binding. As an example, if corrosion to copper tubing lines or copper wires were found, that could in the opinion of the inspector constitute a deficiency, the inspector is not required to determine or report the cause of the corrosion, such as from Chinese drywall.". See Section 535.230(d)(4). It depends. They are only required to conduct a visual inspection of the property, and buried gas lines are not required to be inspected. You should contact your broker or private attorney to find out how you should notify and obtain the consent of the buyers lender to address any impact the rebate may have on the determination regarding the buyers creditworthiness. [Rule 535.144(c)]. Criminal Penalty for Certain Violations by Residential Rental Locator.
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