The new law removes the current requirement that the advertiser be identified in each advertisement as a broker or agent, and clarifies that an advertisement is misleading if it fails to include the name of the broker, or if it implies that a sales agent is responsible for the operation of a brokerage.
Effective September 1st, the Commission may not require license holders to include the term broker or agent, or a reference to the Commission, or the person’s license number in the person’s advertisement. The change in emphasis regarding these advertising policies highlights the critical importance of proper and timely delivery of the Information About Brokerage Services (IABS) form and the Consumer Protection Notice disclosures.
Ed Note: VanEd is updating all of our pre-license and continuing education courses to reflect the new law. TREC adopted emergency rules at their August meeting to better direct brokers and sales agents in the application of the law.