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Senate Bill 1577 |
Senate Author: Menéndez et al. |
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Effective: 1-1-24 |
House Sponsor: King, Ken et al. |
Senate Bill 1577 amends the Education Code to rename the Real Estate Research Center as the Texas Real Estate Research Center and to make certain changes to the real estate research advisory committee regarding the committee's leadership, compensation for travel expenses, and meeting protocols.
Senate Bill 1577 amends the Occupations Code to, among other provisions, exclude a business entity that meets the criteria set out in the bill from licensing requirements under The Real Estate License Act, revise the eligibility criteria for a broker license and a sales agent license, specify that additional fees for such licenses and a certificate of registration are for each year of the term for which the license or certificate is issued, rename the commissioner of the Texas Appraiser Licensing and Certification Board (TALCB) as the executive director of TALCB, and raise the cap on payments made from the real estate recovery trust account.
Senate Bill 1577 amends the Property Code to require an equitable interest disclosure with respect to the sale of an option or the assignment of an interest in a contract to purchase real property to be in writing to the owner of the real property.