The quarterly TREC meeting was held on August 15, 2016 and there was no discussion about changes to the current advertising rules as suspected. Instead the commission focused on changes that could affect your assistant’s job description. The proposed changes to TREC Rule 535.4 would impact the showing of properties by assistants who are unlicensed, and would eliminate the ability for an unlicensed assistant to hold an open house.
In order to create rules around unlicensed assistants showing properties, the committee proposed to include the following language in the definition of a “showing.” “Causing or permitting property to be seen by a prospective buyer or tenant, unlocking or providing access onto or into the property or hosting an open house at the property.” -TREC. According to the proposed changes all of the actions in the definition of “showing” must be performed by a licensed broker or agent. Of course like most rules there are exceptions. Unlicensed assistants can show vacant property. Vacant property being defined as the only thing left behind will convey with the sale. If the property meets the definition of vacant and an unlicensed assistant is going to show the property, you must obtain written consent from the owner as well as the buyer/tenant prior to the showing. You may also allow an unlicensed person to have unescorted access to a vacant property if the owner has given written consent. Click Here to find out what language to include in these documents and to read the full version of the potential changes.
The final change that could affect unlicensed assistants’ job duties is to TREC Rule 535.5, License Not Required. This change would remove the language that allows unlicensed individuals to hold an open house. This would mean that only people with an active Real Estate license can hold open houses. Click Here to learn more.
The next meeting of the commission will be held on November 14th at 10:00am. It is unclear if the proposed changes to TREC Rule 535.4 and the addition of TREC Rule 535.5 will be brought to a vote, and when they will become effective if passed, but updates will be posted as soon as they become available. Staying on top of changing TREC Rules is always important for your business, and we encourage you to read more on the TREC website to determine how these changes will affect your business. If you would like to make any comments to TREC on this or any of the proposed rule changes email email@example.com.
The Education Team at Independence Title has a mission to stay current on everything Real Estate. We hope by bringing you information via our blog, you can stay on top of your fast paced and ever changing industry.