For several years now, real estate investors have shunned Texas properties, and thousands of homes and offices have sat vacant in the wake of the state's oil bust. But John T. Reed, a real estate investment adviser, is now telling his newsletter clients that it's time to invoke the "vulture strategy" and start buying again in Texas.

"I have been saying that, distress notwithstanding, it was not yet time to try to use the vulture strategy," Reed advised in his November newsletter. Now, he said, "It's time.

"A property is only a bargain when you can get it for less than current market value," he said. "In other words, the vulture opportunities exist when sellers overreact. Not when they underreact or react appropriately. Now in significant numbers sellers are overreacting in Texas.

"The mounting losses, and the oncoming balloon payments in many cases and the absence of any light at the end of the tunnel have convinced many investors to reach for the ejection button," Reed said. "In many cases, they are willing to sell at whatever price it takes to get out. And in today's market, that price is often so low that it represents a significant bargain."

The Virginia Real Estate Board, which regulates real estate brokers and salespeople in the state, said it has revoked the real estate license of Jeremy W. Taylor in Arlington, who had his own realty company, for, among other things, violation of regulations prohibiting brokers from making misrepresentations, failing to account for money given to him that belonged to others and "engaging in improper, fraudulent or dishonest activities."

Two Mount Vernon Realty Inc. salespersons in Arlington, Donald Widmayer and Doris A. Worrall, have each agreed to pay $250 fines for violations of rules requiring brokers to disclose their true positions to owners in writing when they were acquiring property for themselves, the board said.

In addition, Janet R. Allison, a salesperson associated with Mount Vernon Realty in Alexandria, has agreed with the board to pay a $100 fine for violation of a regulation requiring that all terms of a real estate transaction be included in an offering.

IN THE BUSINESS ... The Oxford Development Corp. of Bethesda, which says it is the nation's third-largest apartment developer, has created the Oxford Club for the company's 60,000 tenants. The club provides various group buying benefits, national and local services and community conveniences. Among other things, the free membership includes a Master Card, discounts on consumer goods and vacations, negotiating assistance in buying new cars and telephone message services ... Stanley Martin Cos. have acquired 33.4 acres of land near the intersection of Rte. 123 and Hunter Mill Road in Oakton for construction of 27 single-family homes and 85 town houses in a development to be called English Oaks ... Phillips & Knott Community Developers Inc. are developing 96 town houses at the Oaks at 65th development at 65th Avenue off Rte. 450 in Prince George's County ... Roberts & Lloyd Inc. Realtors has given its manager of the year award to Dianne Barbrey, manager of its Manassas office at Ambassador Square ... NVRyan has agreed to buy the remaining 50 percent interest in Gulstream Development Corp., a Florida development firm that already was 50 percent owned by the Ryan Homes division of NVRyan ... Bobby Koo, a student at Thomas Jefferson High School for Science and Technology, has won $150 in a design competition sponsored by the Northern Virginia Building Industry Association. The task was to design a symbolic monument for the school. Koo's design, which will be built, depicts a human being pushing aside two large slabs of granite, symbolic of a student overcoming obstacles to achievement ... Steven A. Grigg has been elected 1988 president of the District of Columbia Building Industry Association ... Steven J. Donohoe has been elected president of the Metro-Washington chapter of the American Institute of Constructors ... J. Fernando Barrueta has been elected president of the Washington D.C. Association of Realtors for 1988 ... Richard L. Sugarman has been elected president of the District of Columbia Land Title Association for the next year ... Anthony M. Natelli, general partner and cofounder of Potomac Investment Associates, a real estate investment and development firm, has been named Businessperson of the Year by the Potomac Chamber of Commerce ... W.C. and A.N. Miller Realtors have joined Carol Paris Brown Inc., a relocation specialty firm ... Cardinal Industries Inc., a builder of modular housing, recently became owner and manager of its 1,000th property, the 120-room Knights Inn in Laurel.

PERSONNEL FILE ... Edward J. Miller has been elected president of the W.C. and A.N. Miller Development Co. ... R. Jeffery Arnold, formerly director of development and marketing for McCormick Properties Inc., has joined Centennial Development Corp. as senior vice president for development ... William Laird Warwick has been appointed vice president and principal broker of the Charles R. Hooff Inc. realty firm ... Robert Guaglianone has been named executive vice president and chief financial officer of Long Signature Homes Inc., and T.J. Pecorak has been named executive vice president of operations for the firm.