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Title: Pass The Texas Real Estate Exams
Description: Here are the notes needed to pass both the state and national Texas Real Estate Exams
Description: Here are the notes needed to pass both the state and national Texas Real Estate Exams
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TEXAS REAL ESTATE EXAM
AGENCY/BROKERAGE
Customer/Third Party- only owe Fairness, Honesty, Disclosure
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4 TYPES OF LISTING AGREEMENTS
1
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2
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3
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4
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Remember The Acronym- O
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D
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A
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L = Loyalty
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C = Confidentiality
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R = Reasonable Care and Due Diligence
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Buyer tenant rep agreement/listing agreement
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Intermediary Relationship notice
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Intermediary with appointment- One Broker and Two Agents, one agent Represents the
Buyer & One Agent Represent the seller, Can Give Advice & Opinions to Their Clients
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Formatted
WAYS TO TERMINATE AGENCY
1
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3
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5
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You Close the Transaction whether it’s a buyer or seller deal
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Destruction of Property by Natural causes (Hurricane, Fire, Tornado, Earthquake)
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Things to Remember: Must disclose Rep upon first contact, Broker Owns everything, an
unlicensed Assistant CANNOT host an open house or show a property, nor can they discuss any
details about the property
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TREC- Formed in 1949- to enforce TRELA and to protect the public
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TREC has subpoena power and can get the attorney general involved to get whatever
they ask for (NEVER IGNORE A REQUEST FROM TREC)
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Handling Of Complaints
1
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2
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All complaints must be in writing and signed
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Complaint History of a licensed agent is always available at the TREC website
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Hearing And Appeals – TREC can issue or revoke or suspend a license, a hearing to
revoke or suspend a license is held in Austin Tx, If TREC revokes Or Suspend Your License
You can appeal to the district court in your county where you live
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00 per day against licensed or unlicensed individuals
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Texas Penal Code- Up to $4,000
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” They have been created to reimburse consumers for out-ofpocket damages caused by license holders when the license holders cannot pay for those
damages
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$10
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If Balance falls below One Million Dollars TREC will bring that balance back up to 1
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00 or however much is necessary as they
always want to have 1
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If Balance is above 3
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5 million by investing the excess in the general fund of Texas
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ACTIVITIES REQUIRING A LICENSE
•
•
•
•
•
•
•
Attorneys Licensed in other states or Texas Attorneys wanting to Participate in a
commission split
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Auctioneers doing anything more than calling the auction
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Real Estate Sales Agents and Brokers
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A property manager for single family residence if in charge of collecting rent
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A Real Estate Brokerage Is only required to have error and omission insurance if the
designated agent owns less than 10% equity in the company, E & O insurance must
show at least $1,000,000 policy per occurrence
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Trustees (Foreclosure sales), guardians, Receivers, Sheriffs
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Apartment Managers
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•
•
•
•
•
•
•
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FSBO (For sale by owner)
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Hotel And Motel employees
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Mobile Home Salesperson
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An attorney in fact (power of attorney)
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If you are married and acquire a property after you are married it is owned as
community property (both Spouses)
Community property rights can be waived by written agreement
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Homestead Protection and Tax Exemptions
Homestead is a statutory estate in Tx and protects against a forced sale from creditors apart
from the following- Mechanics liens, mortgage liens, property taxes, Hao/Poa
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An owner has 2 years to redeem their property if it was foreclosed on due to unpaid
property taxes
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Only one homestead is allowed per family or person
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If it’s over 200 acres the owner can say which 200 acres are to be used for
the homestead and they do not have to be connected in this case
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This reduces the
amount of taxes paid and you must file the homestead exemption with the tax appraisal
office for the county in which the property sits by January 1st of the first year of
ownership, if you forget to do so you can back file for the previous 2 years of your
ownership of your property
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•
•
•
•
The #1 lawsuit we see in Real Estate
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Comes with triple damages and mental anguish
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Wills And Estates
Probate- The legal Proceeding to distribute Property from the deceased
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Int
Title: Pass The Texas Real Estate Exams
Description: Here are the notes needed to pass both the state and national Texas Real Estate Exams
Description: Here are the notes needed to pass both the state and national Texas Real Estate Exams