The 15th Edition of Modern Real Estate Practice in Texas was published in November 2011. There are no critical updates to the content of Chapter 5; the information listed below is just FYI.
Broker-Salesperson Relationship: Among other things, a broker is required to advise a sponsored salesperson regarding the scope of the salesperson’s authorized activities and the requirement to maintain an active license and to receive all compensation through or with the written consent of the sponsoring broker. (See Rule 535.2, Broker Responsibility.) For more information about broker responsibilities, refer to the TREC-mandated textbook for the new MCE Broker Responsibility course. http://www.trec.state.tx.us/pdf/education/brokerresponsiblitycourse-edition_1.0.pdf#search=’broker responsibilities’
Independent Contractors: The IRS has announced that it will randomly audit 6,000 businesses over a three-year period, investigating whether workers are properly classified as employees or independent contractors. The House and Senate are considering legislation which would strengthen classification standards, toughen reporting requirements and raise penalties against employers that intentionally misclassify workers. [“IRS Ups Audits on Independent Contractors.” Units, May 2010]
Procuring Cause: NAR’s Arbitration Guidelines define procuring cause as “the uninterrupted series of causal events which results in the successful transaction.” NAR recommends these actions to ensure a more substantial claim should a dispute ever arise: (1) Remain in continuous contact with the buyer throughout the period of the buyer’s agreement, (2) Document your search for properties that meet a buyer’s specifications, and your conversations with him or her, (3) Keep your buyer informed of your efforts on his/her behalf, (4) Ask frequently if there are any properties they’ve become aware of that they’d like you to show them. [NAR, Real Estate Buyer’s Agency Council, Vol. XVIII, No. 12, December 12, 2009]
Updated: April 15, 2013
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© 2009 Cheryl Nance. All Rights Reserved.