Relating to the duties of a real estate broker or sales agent who lists real estate for sale.
Impact
The implication of this bill is substantial for the real estate market in Texas. By instituting clear guidelines on the responsibilities of real estate professionals, it aims to enhance transparency and communication between sellers and potential buyers. The requirement for public advertisement is intended to ensure that properties gain broader exposure, which could lead to quicker sales and potentially higher offers. The bill recognizes the importance of broad visibility for properties, thereby aiming to protect sellers' interests.
Summary
SB1970 amends the Occupations Code to define the specific duties of real estate brokers and sales agents when they enter into listing contracts with sellers. The bill mandates that once a listing contract is initiated, the broker must share information regarding the property with prospective buyers' agents and respond to inquiries. Additionally, brokers are required to publicly advertise or market the property on accessible platforms, provided the seller does not explicitly waive this requirement in writing.
Contention
There may be contention surrounding this bill regarding the requirement for public advertising. While proponents argue that it benefits sellers by increasing visibility and selling potential, critics may contend that it reduces flexibility for sellers who might wish to keep their listings private. The waiver provision allows sellers some control, but there could be concerns about whether all sellers are fully aware of the ramifications of waiving such advertising. This aspect of the bill may generate debate about the balance between market exposure and individual privacy.
Texas Constitutional Statutes Affected
Occupations Code
Chapter 1101. Real Estate Brokers And Sales Agents
Relating to the Texas Real Estate Research Center, the Real Estate Research Advisory Committee, the Texas Real Estate Commission, and the Texas Appraiser Licensing and Certification Board; increasing a fee; authorizing a fee.
Relating to the Texas Real Estate Research Center, the Real Estate Research Advisory Committee, the Texas Real Estate Commission, and the Texas Appraiser Licensing and Certification Board; increasing a fee; authorizing a fee.
Relating to decedents' estates and the delivery of certain notices or other communications in connection with those estates or multiple-party accounts.
Relating to decedents' estates and the delivery of certain notices or other communications in connection with those estates or multiple-party accounts.