Real estate licensing in Texas is getting a boost in 2018 as the legislature passes a bill that allows licensees to charge higher prices for properties.
Texas lawmakers have approved a bill allowing real estate licensing to be expanded.
It would apply to any property with a value of $1 million or more.
Real estate licensees are currently able to charge a fee of $75 per property.
However, a previous version of the bill passed the House but was vetoed by Gov.
In the Senate, state Sen. Kevin Eltife, R-Dallas, and state Sen, John Whitmire, R, Austin, sponsored the bill.
The Senate voted 22-16 last week to approve the bill, and the House passed it Wednesday.
“The real estate industry in Texas has been doing well, so it makes sense that the Legislature would continue to take action on this issue,” Whitmire said in a statement.
“Real estate licensing is a critical step in helping Texans with financial worries in our communities and this legislation is an important step in allowing these communities to continue to prosper.”
The bill will go to Gov.
Edna Dukes for her signature.
If she signs it into law, it would take effect in 2020.
It’s been three years since Texas passed a bill to allow licensees with a higher price to charge.
In 2015, a House bill that authorized a $1-million property’s real estate to be priced up from $750,000 to $1.5 million was killed in the Senate.
The Texas Legislature has also passed a $50-per-unit fee to licensees that is currently being phased in.
The current rate of license fees is $175.
The bill would allow real estate licenses to be extended for another 10 years and then be removed from the books.
The license fee for a new license would be $250.
The Senate approved the bill last week and it now heads to the governor for his signature.
The bill has passed the Republican-controlled House and the Democrat-controlled Senate, but it is not expected to go to Abbott’s desk before the end of the month.