The Texas Real Estate Commission (TREC) adopts amendments to 22 TAC §535.17, Broker Price Opinion or Comparative Market Analysis, in Chapter 535, General Provisions, with non-substantive changes to the text as published in the August 25, 2017, issue of the Texas Register (42 TexReg 4231).

The amendments to §535.17 include estimated worth or sales price in the types of price statements that require a broker to provide a written statement to consumers. The amendments also revise and shorten the required written statement. "Salesperson" was also updated to the statutory term "sales agent" wherever it appeared.

Five comments were received on the proposed amendments. Three commenters were in favor of the change and two had questions regarding the change. Staff recommended a clarifying change to the language in the disclosure due to proposed rule changes in federal law regarding appraisals required for loans. The Commission agreed with the change.

The revisions to the rules as adopted do not change the nature or scope so much that they could be deemed different rules. The rules as adopted do not affect individuals other than those contemplated by the rules as proposed. The rules as adopted do not impose more onerous requirements than the proposed rules.

The reasoned justification for the amendments is greater consumer protection by making consumers aware of the basis of the figure given by license holders regarding what their home is worth. This is particularly needed with the proliferation of online tools that give these figures out to consumers on internet sites.

The amendments are adopted under Texas Occupations Code, §1101.151, which authorizes the Texas Real Estate Commission to adopt and enforce rules necessary to administer Chapters 1101 and 1102; and to establish standards of conduct and ethics for its license holders to fulfill the purposes of Chapters 1101 and 1102 and ensure compliance with Chapters 1101 and 1102.

The statutes affected by this amendment are Texas Occupations Code, Chapter 1101. No other statute, code or article is affected by the amendments.