REC Rules Change the Way the IABS is Completed and Presented
The new Information About Brokerage Services (IABS) became effective February 1, 2016.
The following will consider each new TREC requirement:
(1) IABS Completion and (2) Required Links:
- Referring to the four blank contact information sections at the bottom of the IABS: “This contact information is required to be filled in at all times. It is a violation to provide a blank IABS without the contact information”(TREC Advisor).
- This means that all four sections of the IABS requiring contact information for the consumer must be complete when provided to the consumer: name, license number, email address and phone number for – Brokerage, Broker, Supervisor/Manager, and Licensee. See the properly completed example below.
zipForm: In the BHGRE Gary Greene zipForm library, the IABS appears as a fill-in form with the first two sections completed for the Brokerage and Broker. The licensee then completes the two remaining sections with the Branch Manager and licensee’s contact information. The form can then be printed out and provided to the consumer. This then creates a BHGRE Gary Greene IABS brochure as the second page is the company’s agency policy.
Company and Agent Websites:
- As required by the new TREC rule, the company has provided a link to both the IABS and the Consumer Notice (TREC 531.18 attached) at the bottom of the company website and at the bottom of each Gary Greene agent webpage (see attached IABS link on GG Homepage).
- The IABS link at the bottom of the homepage of the company website provides an IABS form with only the first two lines of contact information completed. It also provides the Consumer Notice link on the same line.
- As the agent must provide a complete IABS link on their webpage, it is then up to the agent to complete all four contact information sections and place this IABS on their webpage.
- HAR has helped in this process by providing the needed, completed IABS form for each agent by utilizing HAR agent information. Click HERE for instructions.
IABS Presentation to the Consumer:
TREC Advisor: “…you are not allowed to include a link to the IABS in the signature line or footnote of an email.”
- Although it has been a widely used practice to include a link to the IABS form in agents’ email signatures, TREC has said “no”. It is a violation to include the link there. Why?Because of the concern TREC has that the consumer does not understand to open the link, read it and acknowledge receipt.
- TREC wants the receipt and presentation of the new IABS to be clearer. For that reason, the attached TREC Advisor notes these fours ways for the IABS to be presented:
- “(1) by personal delivery; (2) by first class mail or overnight common carrier delivery service; (3) in the body of an email; or (4) as an attachment to an email, or a link within the body of an email, with a specific reference to the IABS Form in the body of the email.”
- These four methods are deemed by TREC to be “clearer”, “direct” and do not leave “doubt” that the consumer received the IABS.
- Acknowledgement by the consumer of receiving the IABS should be either: (1) by return email or delivery of the form to the agent with initials or signature or (2) by written email stating that it was received. Either receipt should be saved in the file for that customer/client.