Which statement is true regarding the legal effect of the Texas Real Estate Commission's rules?

The statement that the rules established by the Texas Real Estate Commission (TREC) must be followed as they carry the weight of law is accurate. TREC is a governmental agency tasked with enforcing the rules and regulations that govern the real estate profession in Texas. These rules are put in place to ensure compliance with applicable laws and to protect the interests of both consumers and real estate professionals. As such, these rules are binding and enforceable; failure to adhere to them can result in disciplinary action against licensed real estate agents or brokers.

In contrast to the other statements, TREC rules are not mere guidelines but are obligatory for all professionals in the real estate industry within the state. They are designed to standardize practices and promote ethical conduct, making it essential for agents and brokers to comply. The idea that these rules can be overridden by individual contracts is incorrect, as they set the legal framework within which all real estate transactions must operate. Additionally, TREC rules are not limited to commercial real estate; they apply broadly to residential real estate transactions as well. This ensures that all aspects of real estate practice in Texas are regulated consistently, contributing to the professionalism of the industry.