Thread: Texas Boys - S.A. meeting

Did anyone attend the TAREI meeting in San Antonio this past weekend?
I was especially interested in the round table discussion about the recent legislation and insurance.
I was not able to attend, but if there is anyone that could share the high points, that would be great.
Jim

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Jim, its amazing that I got a publication from TAREI on the 14th indicating the meeting (which took place on the 13th and 14th). Sure Im not a TAREI member, but what the hey, if I would have gotten it earlier I might have attended.
They mentioned in the publication that there was a "light" turnout for the June 4th TREC meeting. If memory served me right, I recall Phillip indicating that it would be a waste of time for HIs to show up.

I got my copy today. Oh well.....

Yeah, I got my copy of the publication on the 17th, but then they have to rely on the post office like everyone else.
The real purpose of the meeting was classes for CE, but I was hoping the discussion might give us a little clearer idea of what is going on.
Did anybody attend?

'got a copy on the 16th. 'couldn't help but notice the glossy heavy paper used for the publication. They must be flush with cash. -- I'm not a member either. If, however, they instigate an injuction against the E/O, I will contribute.

Originally Posted by imported_John Smith

Jim, its amazing that I got a publication from TAREI on the 14th indicating the meeting (which took place on the 13th and 14th). Sure Im not a TAREI member, but what the hey, if I would have gotten it earlier I might have attended.
They mentioned in the publication that there was a "light" turnout for the June 4th TREC meeting. If memory served me right, I recall Phillip indicating that it would be a waste of time for HIs to show up.

i_J,

The meeting I was refering to was the Inspector Committee meeting that was to be held earlier this month. It ended up being cancelled anyway so no one missed anything.

To all,

Like TAREI I am late getting around to this reply and did attend the “roundtable”.

Basically TAREI is still looking into the E&O & GL issue.

It would be very doubtful that any injunction action will be taken, as previously spoken of by TAREI prez DS. The tune has changed since he/TAREI issued the OAG FUND letter.

As we now know the Bill has gone to the AG for review clarification and for answers to TREC questions and questions have also been posed by TAREI that have yet been answered. TAREI’s main comment/defense being E&O does not cover Subchapter G events. If you read the print of Subchapter G (below) none of this verbiage is covered by E&O or any other inzurance for that matter. Not much of a defense IMHO.

As it stands now until overridden/clarified by the AG, starting 09-01-07 TREC will require proof of continuous coverage of GL and E&O, by all licensed inspectors in order to renew, amounts yet to be determined (TREC wants $100,000 of both per event minimum), TREC will maintain the Recovery Fund and those rules applicable, and a total refund of your inspection fee if a claim is paid out from any source as I understand it.

The real spin from SA was that TAREI would pursue negotiations with E&O providers for discounts to its members.

I hope this helps or at least answers some questions.

SUBCHAPTER G. PROHIBITED ACTS

§ 1102.301. NEGLIGENCE OR INCOMPETENCE. An inspector may
not perform a real estate inspection in a negligent or incompetent
manner.

Added by Acts 2001, 77th Leg., ch. 1421, § 2, eff. June 1, 2003.


§ 1102.302. AGREEMENT FOR SPECIFIC REPORT;
DISHONESTY. An inspector may not:
(1) accept an assignment for real estate inspection if
the employment or a fee is contingent on the reporting of:
(A) a specific, predetermined condition of the
improvements to real property; or
(B) specific findings other than those that the
inspector knows to be true when the assignment is accepted; or
(2) act in a manner or engage in a practice that:
(A) is dishonest or fraudulent; or
(B) involves deceit or misrepresentation.

Added by Acts 2001, 77th Leg., ch. 1421, § 2, eff. June 1, 2003.


§ 1102.303. ACTING IN CONFLICTING CAPACITIES. An
inspector may not act in a transaction in the dual capacity of
inspector and:
(1) undisclosed principal; or
(2) broker or salesperson.

Added by Acts 2001, 77th Leg., ch. 1421, § 2, eff. June 1, 2003.


§ 1102.304. REPAIRS AND MAINTENANCE. An inspector may
not perform or agree to perform repairs or maintenance in
connection with a real estate inspection under an earnest money
contract, lease, or exchange of real property.

Added by Acts 2001, 77th Leg., ch. 1421, § 2, eff. June 1, 2003.


§ 1102.305. VIOLATION OF LAW. An inspector may not
violate this chapter or a rule adopted by the commission.

Added by Acts 2001, 77th Leg., ch. 1421, § 2, eff. June 1, 2003.

Thanks Barry.

Here's an update on the issue of insurance and Texas licensed inspectors...

The Attorney General has not yet responded with their requested opinion but TREC has already made plans to move ahead with an E&O interpretation starting September 1st when the law takes affect.

The mandated deadline for the AG opinion on this matter is December 17th of this year but I expect we will hear from them sooner than that. I also personally expect that E&O will be the ultimate outcome for us based on the way the law was worded (but who knows?).

Once the AG has rendered an opinion it will be posted online at:

http://www.oag.state.tx.us/opinopen/opinions/op50abbott/indexpdf.shtml

At this point the AG's office has formally acknowledged receipt of TREC's opinion request and as designated it as Request No. 0591-GA. You can use that request number and web link above to pull up the AG opinion once it has been rendered.

In the meantime have your checkbook ready.

Thanks for the update Philip.

Unfortunately, my checkbook has been geetin' fleeced for a few years now already for E and O.

Eric