New TREC rule creates grace period – Texas REALTORS®-2021十大正规彩票app

October 01, 2024

What happens if your broker dies? If you are sponsored by an individual broker, your license becomes inactive. You can request a new broker through TREC’s Online Relationship Management Tool right away to quickly set up a new sponsorship.

If you are sponsored by a business entity, the process is more involved, which is why TREC has adopted the new Death of a Designated Broker rule (535.124). The rule allows a 14-day grace period between the time a designated broker for a business entity dies and when the licenses of the business entity and sponsored sales agents go inactive. This will allow business entities time for the process of designating a new broker who satisfies legal requirements, including that the new broker has managing authority for the business and is in good standing.

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