The newly adopted changes to the Information About Brokerage Services form approved in February by the Texas Real Estate Commission are mandatory beginning April 1. The changes add language to clarify that any brokerage fees are not set by law and are fully negotiable.
All Texas REALTORS® forms vendors, including zipForms, have the updated version. If you have a template based on the old version be sure to update it ASAP!
For more information on the IABS or if you need a refresher on what it is and how it is used, visit TREC’s website.
Really, don’t our new showing agreements cover it sufficiently?
TAR and TREC do not focus on making our professional lives better. Just keep us jumping through hoops.
Doesn’t our current IABS cover all of that? Why don’t our lawyers fight for us? Why do our lawyers capitulate and not fight for us. Why do we even pay them?!
Exactly. The IABS is for information about BROKERAGE services. Not information about commission services, which is already covered by a mountain of other forms in quadruplicate. Give it a rest. Can we please disclose how much money the NAR and board members are making? Everybody on the planet now knows how much or little I make.
Update after update after update!
boo! more update more update! get it together
I support each of the comments below. Just silly that a comma or similar is added and new forms are required.
How many times do we need to reiterate this, we know changes take time but people are not that stupid. One form should be enough to explain this and we already use several …..
You would think a client signing a contract outlining commissions (before the class action chaos) would not spark a lawsuit (since its in writing), but now we gotta put it on every single doc, so they cant say they didnt know.
This is just so sad. What other profession has to tell customers that their fees are negotiable? SMH
So true.
How do I access the new IABS form? I can’t find it anywhere.
https://www.trec.texas.gov/forms/information-about-brokerage-services-0
All our organizations don’t really work for us any more. A CEO was hired that had no Real Estate experience-really!!
Makes me wonder why. Seems the agenda was to destroy the industry, not help it. Customers get hurt in the process!
Bureaucrats, take something simple, claim to make better for the consumer, but total confuse them…gr8 job
Go back to listing on the mls what the listing broker is paying the cooperating broker, nothing in the promulgated contracts say there is a fixed commission rate, but quite the contrary. The sellers post their rate, there is no mention that the rate is negotiable?