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- Appraisal – An opinion of the value, issued by a licensed appraiser, of a property at a given point in time. The Texas Real Estate Commission is the regulatory agency that licenses state certified appraisers in Texas.
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In this guide, we’re taking an in-depth look at a Texas Purchase Contract, what each section means, and what you should look out for. This guide answers the following questions: What is a real estate purchase contract? What are the elements included in a purchase contract? What are the different types of purchase contracts and when are they used?
ADVISOR Page 1 TREC Advisor The agency exists to safeguard the public interest and protect consumers of real estate services. In accord with state and federal laws the agency oversees real estate brokerage, appraisal, inspection, home warranty, right-of-way services and timeshare interest providers.
Rules and Laws. Our license holders are governed by the The Real Estate License Act, the Inspector Act, and the Timeshare Act. These Acts establish the makeup of the Commission and its advisory committees and outline procedures by which a person can become real estate license holders in Texas.
APPRAISALS GENERALLY. (a) Except as otherwise provided by this chapter, all taxable property is appraised at its market value as of January 1. (b) The market value of property shall be determined by the application of generally accepted appraisal methods and techniques.
Jan 24, 2024 · A Texas real estate contract is a comprehensive and legally binding document that formalizes the terms and conditions of a property transaction. The blueprint delineates crucial details, establishing the groundwork for a smooth and mutually agreeable exchange of real estate in the Lone Star State.
In this episode, Aaron Jistel (Broker and Co-Founder at ListingSpark) focuses on how recent changes to Texas Real Estate Commission’s contracts and documents may affect home sellers and buyers.
Mar 7, 2022 · The Texas Real Estate Commission (TREC) Addendum Concerning Right to Terminate Due to Lender’s Appraisal is used to modify the base TREC contract regarding contract termination rights based upon the appraised value of the purchased property.
