The following article concerns a case brought before the Fourth Court of Appeals in Texas in April of 2013. The case concerns the Texas Real Estate Commission (TREC) and its appeal from a trial court’s order directing payment of judgment from the Real Estate Recovery Trust. Saied Nekoueian, a licensed real estate broker, bought a piece of commercial property at a foreclosure sale. He later traded this property for interest in another piece of property jointly shared by himself and two other business partners, Shahin Asgari and Ahmad Borghei.
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