Texas License Law
Under TREC rules, a real estate broker who closes their office or ceases operations must:
ATransfer all listings to a competitor
BNotify TREC, release sponsored agents from sponsorship, and properly handle all pending transactions and trust funds✓ Correct
CTurn over all client files to TREC
DOnly notify the Texas Association of REALTORS
Explanation
When a Texas broker closes their business, they have obligations to properly wind down operations: notifying TREC, releasing associated license holders so they can find new sponsors, handling pending transactions, disbursing or transferring trust funds appropriately, and notifying clients. Failure to do so can result in license action.
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