Add to quote. Ask for a credit: The buyer may request a credit (also called a concession), in an amount that’s enough to cover the repairs. Copy the temporary password from the email message you received when you registered. If I have a licensed limited partnership, can the general partner be an LLC if a manager of the LLC is a designated broker? If the broker refuses to release you from your buyer representation agreement, you should seek the advice of a private attorney. The Addendum for Authorizing Hydrostatic Testing is a form stating the buyer is responsible for paying for the test, and makes either the buyer or the seller responsible for any damage that might be caused by the test (most often the buyer). - A hydrostatic test is a way in which pressure vessels such as pipelines, plumbing, gas cylinders, boilers and fuel tanks can be tested for strength and leaks. An example of a misleading advertisement of this nature would be if a license holder sent out “Just Sold” postcards with her contact information and a picture of a recently sold property that she did not help to sell. Does TREC consider a sign on a building to be an advertisement? Update contact information and “Place of Business” (business physical) address on the Contact Information page and click "Next". And as this could essentially kill the sale leaving all agents unpaid, it is an added incentive for both the seller and the buyer agents to encourage the seller to not allow the test. To determine how many hours have posted to your license record, you may visit the license holder info search feature on our website. Because if you don’t and a problem is found before the sale goes through, it is the seller’s problem. Hydrostatic Testing Procedures A hydrostatic test always begins with an internal and external examination of the extinguisher as described in the maintenance section. Only an active licensed sales agent sponsored by a licensed business entity may make a referral on behalf of the brokerage, and any referral fee must be paid to the sponsoring broker. [TRELA §1101.652(b)(23) ]. I have a buyer who wants the seller to replace the AC condenser only because it is 15 years old. Yes. Brokers should be familiar with and follow the duties set out in Rule 535.2 . With the help of this test, pressure tightness, strength and any leakages are checked. However, TREC does not have the authority to require a broker to release you from the agreement. A broker is not required to directly supervise sponsored sales agents; this responsibility may be delegated to another person with the required level of experience and expertise to provide proper supervision under the law. If the pipes were to incur any damage or burst because they were filled with water — again, what they are designed and built to hold — the pipes were already bad. Yes, but if you offer, recommend, or promote the use of a service provider and expect to receive compensation from the service provider when a party uses the service, the ad must disclose that you may receive the compensation. I recently sent the TREC a letter stating all of the information above in an effort to do away with this addendum. Any agent who worked with the seller or the buyer in a transaction that resulted in the sale of a property may correctly state in an advertisement that they “sold” the property. JM Test Systems provides hydrostatic testing equipment for pipe testing, pipeline construction, skid, vessel & tank fabrication. [Rule 535.155(b)(1)], Yes. Can the team name used by an associated broker be the same as the assumed name used by the associated broker when he or she is not associating with another broker? Do I still have to use the TREC Disclosure of Relationship with Residential Service Company form (RSC-2)? What qualifies as proof of ownership of the business entity? Yes, but the ad must disclose that payment of the rebate is subject to the consent of the seller and if the rebate is contingent upon certain restrictions, such as the use of a particular service provider, the ad must contain a disclosure that payment of the rebate is subject to restrictions. If a license holder is convicted of a felony or a criminal offense involving fraud it is a violation of section 1101.652(a)(1) of the License Act. The potential confusion could be related to what can be referred to as “pressurized hydrostatic tests” which are performed by other industries, for instance, utility companies and gas lines. If so, does that entity have to be licensed as a real estate broker? A new septic system is expensive so before you buy or sell a home it's important you know what your'e getting into! I was very impressed with this company. If it drops a millimeter panic strikes even though the seller has never had any problem whatsoever with the plumbing. A license holder shall not use the license holder’s expertise to the disadvantage of a person with whom the license holder deals. Request inactive status by following the steps below: If you prefer, you can also submit the Application for Inactive Broker or Sales Agent Status form by email. Yes. I would highly recommend this company! CE must include 4 hours in Legal Update I and 4 hours in Legal Update II, and 10 hours in CE elective courses for a total of 18 hours. [TRELA §1101.351(c)]. Is a broker required to have a trust or escrow account? The buyer and the buyer’s agent have access to the property at reasonable times 105. 3G58630. [TRELA §1101.002(6)] In addition, a person may not engage in business as a residential rental locator (apartment locator) unless the person is licensed as a real estate broker or sales agent. Does a broker have to supervise the daily activities of a sales agent? One quick note for anyone buying a home built before 1986.