Proposed Forms, Changes to Ad Rules at TREC’s May Meeting

The Texas Real Estate Commission met on May 7, and here’s a summary of actions relevant to Texas REALTORS®:

• Proposed new Release of Earnest Money form (different from TAR’s current form)
• Re-proposed changes to the Notice of Buyer’s Termination of Contract
• Re-proposed new Notice of Seller’s Termination of Contract
• Proposed removing the prohibition of using term realty as part of team names
• Proposed an exception to advertising rules for directional signs (e.g., open-house signs with arrows)

These proposals will be posted in an upcoming Texas Register, after which the public will have 30 days to comment. The earliest these changes could be adopted is at TREC’s August meeting.