What agency is responsible for maintaining the balance of the Recovery Trust Account at $1.7 million or more?

The Texas Real Estate Commission (TREC) is the agency responsible for maintaining the balance of the Recovery Trust Account at $1.7 million or more. This account is established to protect consumers in the event that they suffer a monetary loss due to the actions of a licensed real estate agent. TREC oversees the real estate industry in Texas, including the regulation and licensing of agents, and plays a crucial role in ensuring that there are adequate financial resources available for consumer protection.

In addition to managing the Recovery Trust Account, TREC is tasked with enforcing real estate laws and providing resources for education and training in the industry. The oversight of the Recovery Trust Account is part of TREC's overall mission to promote public confidence in the real estate market and to ensure that consumers have recourse in cases of malpractice or fraud.