What bill requires the disclosure of IABS?

Senate Bill 489 is significant because it mandates the disclosure of the Information About Brokerage Services (IABS) to potential clients. This legislation was put in place to ensure that consumers are informed about the various types of agency relationships that can exist in a real estate transaction. By requiring real estate license holders to provide the IABS notice, the law aims to promote transparency and enable consumers to make informed decisions about the services they receive from real estate professionals.

The requirement to disclose this information aligns with the Texas Real Estate Commission's goal of protecting consumer interests and enhancing the overall integrity of the real estate industry. Understanding the nature of the agency relationship is crucial for both buyers and sellers, as it establishes the duties and responsibilities that the agent has towards their clients.