State test Book Prep
Paragraph 11
(MUST KNOW THIS BY NUMBER) Paragraph 11 - SPECIAL PROVISIONS - Factual statements and business details applicable to the sale can be inserted here. It is prohibited by TREC rules to insert statements or business details for which a contract addendum, lease or other form has been promulgated by TREC for mandatory use
Grounds for Suspension and Revocation
- *Guaranteeing* future profits. - Sales agents receiving *commissions directly* from selling, leasing, negotiating, appraising, or auctioning real estate. - *Failing to specify a definite termination date* in a Buyer's Representation Agreement or a Listing contract that is not subject to prior notice. - Selling real estate by lottery. - Giving *legal advice*. - Not advising a purchaser in writing to get an attorney's opinion of title on the abstract or to obtain an Owner's Title Policy. - Placing a sign offering to sell, rent, or lease real estate without first obtaining the *written permission* of the owner. - Acting in the dual capacity of broker and *undisclosed principal*. A license holder must dis- close if he is representing his spouse, parent, or child. Knowingly making a substantial misrepresentation. Puffing is not misrepresentation. • Advertising without the brokerage information - broker or company name • Threatening to sue for a commission you have not earned. • Not furnishing copies of a document to one of the signatories, upon demand. • Steering of prospective buyers. You are also subject to federal and state prosecution. • Disbursing money deposited in a trust account before the transaction concerned has been consummated (at closing) or finally otherwise terminated. • Enters a plea of guilty or nolo contendere to, or is convicted of a felony or a criminal offense involving fraud. • Fails to honor within a reasonable time a check issued to TREC after the TREC has sent, by certified mail, a request for payment to the license holder's last known business address. • Fails to notify the Commission not later than the 30th day after the date of a final conviction or the entry of a plea of guilty or nolo contendere to a felony. (NOTE: a second DWI conviction in TX is NOT a felony).
All sales license holders must be sponsored by a broker and receive commissions only from that broker. Designated officers and managers must be brokers. All real estate entities must have a broker.
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The Broker Lawyer Committee writes the promulgated contract forms. TREC promulgates them
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If a license is revoked by TREC, the individual must wait at least 2 years before trying to obtain a new license.
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For a backup offer to become effective the previous contract must be terminated and the backup buyer must pay any option fee, name any option period, and deposit any earnest money with an escrow agent
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Equitable Interests in real property
1. A person may acquire an option or enter into a contract to purchase real property and then sell or offer to sell the option or assign or offer to assign the interest in the contract without having a real estate license if the person: 1. does not use the option or contract to purchase to engage in real estate brokerage ; and 2. discloses the nature of their equitable interest to any potential buyer. 2. A person selling or offering to sell an option or assigning or offering to assign an interest in a contract to purchase real property without disclosing the nature of that interest to a potential buyer is engaging in real estate brokerage. 3. A license holder who is engaging in real estate brokerage by selling or buying or offering to sell or buy an option or assigning or offering to assign an interest in a contract to purchase real property must disclose to any potential seller or buyer that the principal is selling or buying an option or assigning an interest in a contract and does not have legal title to the real property.
TEXAS DEPARTMENT OF INSURANCE REGULATIONS REGARDING MOLD:
1. Testing mold is not necessary to determine if it should be removed. If mold is visible it should be removed. 2. Removal is called remediation. 3. Both mold assessors and mold remediators must be licensed. 4. Testing after remediation is not required. 5. Property owners can assess and remediate their own properties without a license. 6. If you hire a mold remediator, he must give you a Certificate of Mold Remediation no later than 10 days after work is complete. The certificate verifies that the mold has been removed and certifies with a reasonable certainty that the underlying cause of the mold has been corrected. 7. Receiving a Certificate of Mold Remediation is an advantage for a homeowner because it prevents an insurer from making an underwriting decision on the property based on previous mold damage or claims. 8. On selling a home, the law requires the seller provide the buyer with copies of all Certificates of Mold Remediation they have received for the property within the past 5 years.
steps in obtaining a real estate license
1. meet the educational requirements 2. submit an application with or without a sponsoring broker 3. submit the required fees 4. pass the state exam 5. demonstrate integrity
whose exempt from licensing
1. tx licensed attorney can handle for a client for a fee as long as they dont handle the broker stuff/ comissions 2. Court appointed receivers, trustees, guardians, and sheriffs. Anyone engaged in or carrying out foreclosure sales. 3. Administrators and executors of a will. 4. On-site apartment managers. 5. New home sales agents working for one builder or owner. 6. Cemetery lot sales agents. 7. A person selling his own property. 8. An employee leasing or renting property for the owner. 9. Corporate employees buying/selling/leasing or renting corporate property. 10. Hotel/motel personnel. 11. An attorney-in-fact. 12. An auctioneer calling a real estate auction. 13. Anyone selling mobile homes.
Licensing Requirements
18 or older/resident at time of application (us citizen)/fingerprints
edu requirements
180 qualifying hrs from 6 required classes
REPRESENTATION - AFTER YOU ARE HIRED
1st Contact In Writing or Orally No exceptions
AGENCY - BEFORE YOU ARE HIRED
1st Substantive Dialogue In Writing - IABS form 3 Exceptions: Open House, Lease for 1 year or less, Party already represented
The time frame that a broker or delegated supervisor has to respond to clients, agents, or other brokers
2 days
The time frame that a broker or delegated supervisor has to deliver TREC correspondence to their agents
3 days
Trust Accounts
3 entites may accept earnest money/ option fee deposits- title companies, attorneys and brokers all 3 deposit these funds into some type of escrow account usually, goes to the title company and must be delivered by the close by the close of the third day after the effective date of the contract but this deadline may be extended if the third day falls on a Saturday, Sunday or holiday. (See paragraph 5 of the sales contract). if the broker accepts and is using their own escrow account the funds must be deposited by te close of the business of the second business day after the broker ecieves the money
CE is required AFTER the first renewal. Includes-
4 hours of Legal 1, 4 hours of Legal 2, 3 hours of contract related coursework, 7 additional elective hours.
TREC consists of
9 commission members, 3 represent the general public and 6 are real estate brokers. All are appointed by the governor and approved by the Senate. They serve for 6-year terms.
To summarize the above: an on time renewal with late education completed within 60 days results in a $200 penalty. An on time renewal with late education completed after the 60-day period results in a $450 ($200 + $250) penalty. (This summary describes an on-time renewal with late CE.)
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A clause in a contract requiring a condition to be met is a contingency clause. If a contingency cannot be met, the buyer is generally entitled to a refund of his earnest money
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If a broker has more than one offer on a listed property, he must present all offers, but there is no required order of presentation.
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The last party to sign the contract is the party accepting the final change. The broker is responsible for filling in the effective date after the last party signs.
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Mechanic's and Materialman's Liens
A mechanics lien is for labor or materials for the improvement of property. It is one of the foreclosable liens on a Texas homestead.
Community Property
A statutory estate - all property acquired after a marriage is jointly owned by the husband and wife income on seperate prop is community prop An increase in value of separate property is not community property A spouse can waive community property rights by written agreement. Property acquired prior to marriage, or during marriage by inheritance (devise or descent), or gift, may remain separate property
advertising rules
All ads must contain the brokerage information - the broker or company name. All license holders' advertisements must include the license holder's name or team name. Ads also must include the broker's name in at least half the size of the largest contact information for any sales agent, associated broker, or team name contained in the advertisement.
Real Estate Recovery Trust Account
An account established to pay aggrieved persons who suffer a monetary loss due to unscrupulous acts of licensees a party may collect 50k per lawsuit and 100k per license number When any amount is paid out against a licensee, the amount must be paid back with interest and the license can be suspended/revoked.
Paragraph 8
BROKERS and SALES AGENTS: Texas law requires a real estate license holder who is a party to a transaction or acting on behalf of a spouse, parent, or child....to notify the other party in writing before entering into a contract of sale. (Agency coupled with an interest must be disclosed).
Paragraph 15
Default - All TREC contracts have a default paragraph. This paragraph states that if either party defaults, the injured party can: sue for specific performance, seek such other relief as may be provided by law, or both, or the injured party can terminate the contract.
Puffing
Exaggerated or superlative comments or opinions. --this is not misrepresentation
Foreclosure and Short Sales
Foreclosure sales in Texas are held on the first Tuesday of the month. A majority of foreclosures in Texas are non-judicial due to the use of the Deed of Trust. The exception is foreclosure for home equity loans which is judicial in Texas.
testate
Having made and left a valid will.
Homestead
Homestead protection is automatic and cannot be waived s protected from forced sale by all creditors except: mortgage, property taxes( ad valorem taxes), mechanics and materialmen's liens, and homeowner/property owner associations. When a homestead is foreclosed on for unpaid property taxes, the owner has 2 years to redeem the property. When a homestead is foreclosed on for unpaid homeowner/property owner association fees, the owner has 6 months to redeem the property. One homestead per person or family a tax benefit, should not be confused with the homestead protection. Homeowners must apply for the exemption and must own and occupy the home on January 1st to qualify. You can back file for up to two years if you have failed to claim this exemption.
Paragraph 18.C
If the contract is terminated and the escrow agent receives a demand of release of earnest money from one party, they must notify the other party. If the other party does not send a written objection to the demand within 15 days, the escrow agent may disburse the earnest money to the party making the demand.
Consumer Information Notice 1-3
Notifies the public of the recovery trust account • Applies to both real estate license holders and inspectors • Must be displayed in a prominent place in the broker's office.
The TREC 1-4 Family Residential Contract (Resale)
Paragraph 2 - Accessories, which may or may not be attached to the property (i.e. pool equipment/ pool covers) are considered part of the real property. Paragraph 3 - The cash portion plus the financing = the Sales Price (MUST KNOW THIS BY NUMBER) Paragraph 5 - Earnest Money and Termination Option - • Within 3 days after the Effective Date, Buyer must deliver earnest money and option fee to the escrow agent. If the last day to deliver these funds falls on a Saturday, Sunday or holiday, the time to deliver the money is extended to the end of the next day that is not a Saturday, Sunday, or legal holiday. • These amounts may be paid separately or combined in a single payment. Funds received by the escrow agent will be applied first to the Option Fee and then to the Earnest Money. • Buyer will have the right to terminate the contract within the negotiated option period by providing notice by 5:00 p.m. on the date specified. • If buyer fails to deliver the option fee within the time required, buyer shall not have the right to terminate. • If buyer fails to deliver the Earnest Money within the time required, Seller may terminate this contract or exercise seller's remedies under Paragraph 15.
Paragraph 6
Paragraph 6B. - The title company has 20 days to provide the title commitment after they receive the sales contract. Paragraph 6C.(1) - Within _____ days after the Effective Date of this contract, Seller shall furnish to Buyer and Title Company Seller's existing survey and an Insurance T-47 Affidavit. Paragraph 6D.- allows a buyer to choose a number of days to review both the title commitment and the survey. If the buyer is unhappy with the results of either, he has the negotiated number of days to address his/her concerns with the seller. The purpose of a Municipal Utility District (also called a water supply corporation or a utility service provider) is to provide flood control or drainage, water and sewers to residents of the district. Paragraph 6.E.(3) - Texas Water Code requires the Seller to deliver and the Buyer to sign the M.U.D. disclosure prior to final execution of the contract. (A buyer who has not received the M.U.D. disclosure has the right to terminate the contract.) Paragraph 6.E.(6) - If the property is located in a Certificated Service area of a Utility Service Provider (a M.U.D.) the buyer must be given notice of this, disclosing to the buyer that there may be an extra charge for having water and sewer services connected.
Paragraph 7
Paragraph 7.A. - Seller at Seller's expense.....shall keep the utilities on during the time this contract is in effect. A Seller's Disclosure of Property Condition must be given to a buyer BEFORE HE SIGNS AN OFFER to make that offer binding on the buyer Paragraph 7.B.(2) - If the buyer has not received the Seller's Disclosure he chooses a number of days for the Seller to provide it. If the buyer doesn't receive it within that number of days he can terminate the contract. If the Buyer receives the disclosure, the Buyer will have 7 days after receiving it to terminate for any reason. Paragraph 7.B.(3) - A seller's disclosure is not required in a foreclosure sale, tax sale, sale by guardian, executor, or administrator, or sale by a builder of a new home that has not been lived in. A seller's disclosure is not required if the house is worth less than 5% of the price of the property. (MUST KNOW THIS BY NUMBER) Paragraph 7.D. (1) - Buyer accepts the Property As Is. Paragraph 7.E. - ...If lender required repairs exceed 5% of the Sale Price, Buyer may terminate the contract and receive a refund of earnest money paid.
TREC requires a broker or salesperson with a website to provide information about the IABS and the Consumer Information Notice on the website. The ideal way to comply with TREC rules about this is as follows:
Post a link to a completely filled out TREC IABS form labeled "Texas Real Estate Commission Information About Brokerage Service," on your business website homepage, in a readily noticeable place in at least 10-point font. A link in 12-point font can be used with the following wording: "TREC Information About Brokerage Services." Post a link to the Consumer Protection Notice labeled "Texas Real Estate Commission Consumer Protection Notice" On your business website homepage in a readily noticeable place in at least 10-point font. A link in 12-point font can be used with the following wording: "TREC Consumer Protection Notice."
Recording Statutes
Recording places a document in the public records - providing legal notice to the world. Property rights to land must be recorded in the county where the property is located. Texas law states that a deed, mortgage or other instrument affecting real estate is not effective as far as subsequent purchasers and lenders are concerned if it is not recorded.
inactive status
TREC allows inactive status. TREC will hold a broker or sales license for the licensee. • The licensee must still pay renewal fees and meet SAE requirements. Once past SAE requirements, MCE is not required for inactive status. • The time spent as inactive does not apply toward the four-year requirement for a broker's certification. • The inactive licensee may not engage in the real estate business. • The inactive licensee does not need a sponsoring broker during this period. • To activate an inactive license, apply through a broker, pay $50 and complete 15 hours of MCE if necessary.
real estate inspectors
TREC licenses inspectors TREC's jurisdiction over real estate inspections is limited to inspections performed for a buyer or seller of real property in connection with a transaction.
who can issue or revoke real estate licenses?
TREC. A hearing for the revocation or suspension is held at the State Office of Administrative Hearings (SOAH) unless a license holder requests the hearing be held in his county. If a license holder, in violation, fails to respond to a summons from TREC, TREC will automatically schedule the revocation/ suspension hearing. if your license is revoked, you can appeal decision to district court
Paragraph 22
The Seller's Temporary Lease Addendum and the Buyer's Temporary Lease Addendum are for use when the lease period is for 90 days or less. A seller of coastal property abutting tidally influenced water must provide the "Addendum for Coastal Area Property." This notice tells buyers that owners may gain or lose portions of the land due to the actions of water. A seller who sells property located seaward of the Gulf Intracoastal Waterway must provide the addendum to disclose that structures must not be erected seaward of the vegetation line. If a structure is erected seaward of that line, or becomes seaward as a result of natural causes, the structure would be subject to a lawsuit by the State of Texas for removal. The HOA or POA Addendum allows a buyer to obtain a resale certificate on a property.
Buyer M executed a sales contract for a property at 123 Main for $250,000 with a closing date in 60 days of the effective date. Within the 60 days, Buyer M places the following ad on social media: "Single Family Property for sale for $280,000." Buyer M is in violation of the law because:
The buyer did not disclose equitable interest
Paragraph 16
The contracts require the parties to agree to mediation for dispute resolution. In mediation, a mediator hears both sides and tries to help the parties come to an agreement. If mediation fails, the parties may move to arbitration. The arbitrator hears both sides and then tells the parties how to proceed.
Duties to Clients
The license act requires a broker to provide a minimum level of service to a client. A broker who represents a party or who lists real property under an exclusive agreement must: • put the interests of the client above all others, including the broker's own interests; • inform the client of material information about the property or the transaction received by the broker; • answer the client's questions and present any offer to or counteroffer from the client; • treat all parties to a real estate transaction honestly and fairly
Integrity
The license holder will employ prudence and caution to avoid misrepresentation by commission or omission.
Laws of Descent and Distribution
The rules for distributing the property of an intestate
know about TREC
There is no time limit for TREC to deny an application. If the Commission denies an application for a license, the Commission shall send the applicant written notice of the denial. If an applicant fails to request a hearing in writing not later than the 30th day after the date the notice denying an application is sent, the Commission's denial is final. If an applicant applies without a broker and passes the test, there is no time limit for choosing a broker
IABS (Information about Brokerage Services) disclosure of agency
This includes a FACE-TO-FACE meeting where substantive discussion of real estate takes place, a phone conversation, or any mailing (paper or email) with a substantial amount of information about a particular property. Exceptions include Open Houses, when meeting with a party represented by another license holder, or when the proposed transaction is for a residential lease for not more than one year, and no sale is being considered.
Title by Descent
Title to real property held by those who inherited the property without a will heirs to any real property Spouse and children have priority under the laws of descent. If a married couple has all adult children, and one spouse dies intestate, the surviving spouse can sell his/her real property with only that spouse's signature
texas is a one license one person state
a broker can act as both with a brokers license though
Intermediary Practice
a broker to act as an intermediary in a transaction where he represents both the seller and the buyer and has the written permission of both parties including how the broker will be paid. Only a broker can be an Intermediary A broker who agrees to represent both the buyer and the seller MUST do so as an Intermediary A broker who works alone or who only sponsors 1 license holder must be an Intermediary without appointments An appointed associate, under an Intermediary, may give advice and/or opinions to one party in a transaction. A broker may never give advice and/or opinions to either party. He may only disclose facts about the property.
With written permission
a license holder can advertise/ use the photos from the prop from ANOTHER broker
administrator
a person the court appoints to settle the state
Disclosure of representation happens
after you have been hired by a buyer, seller, landlord or tenant.
Deceptive Trade Practices Act (DTPA)
allows for the recovery of triple damages. An individual has 2 years from the discovery of the deception to file a complaint
Broker Assumed Business Name (DBA)
another name for the broker's business that can be used by all sponsored sales agents and brokers associated with this broker
HOA
are permitted to regulate, but not ban: flying the flags of the US, the State of Texas, or any branch of the US armed forces. They can also regulate, but not ban roof solar panels, the display of religious symbols, or political signs. HOAs can ban privacy fences.
who needs a license
attorneys doing comission split auctioneers involved in any real estate apartment locators real estate sales agets business entites that recives compensation from license holder (must be licensed as broker) officer of a licesned real estate corp 3rd party who controls the collection of rent froma. single fam residence (prop manager) any entity that engages in real estate brokarage
Splitting fees
broker may pay comission to any agent he sponsors and any other broker comission cannot be payed to anyone unlicensed in texas A license holder may share or rebate a portion of the commission to a client within a transaction. For example: list at a lower than expected commission rate or contribute to a buyers' closing costs on the CD. A license holder may rebate a portion of the commission to a customer with the client's permission. A license holder may give a referral gift up to $50 in value (not cash) to an unlicensed individual who provides a referral. Gift cards that cannot be converted to cash are acceptable.
Commingling money
earnest money must be placed in an escrow account, not in with broker personal or operating accounts
Business Entities
engaged in real estate brokerage activity, including partnerships, need to be licensed sole proprietorship, partnership, corporation
if you fail 3 consecutive times, you must
fal natl- 30 hrs fail state- 3- hrs fail both-60 hrs
People engaged in the real estate brokerage business without having secured a license from TREC are
guilty of a Class A Misdemeanor and subject to a fine of not more than $4,000.00 or imprisonment in the county jail for not more than one year, or both. Trials for this would be held in the county court. persons guilty of a violation of the License Act and whoever profited there from are liable for additional civil penalties of up to three times the amount of money received.
urban homestead
homestead max to 10 acres
Paragraph 23
if the parties need or want to see an attorney, an agent should send their clients to an attorney before the clients sign the contract.
License maintenance and renewal
license is good for 2 years prior to renewing after the first 2 years, you must 1. SAE- complete 90 hours of qualifying hours up to 270- 180 to become licensed and 90 for SAE 2. during the first 2 years- must complete 8 hours of cont education and 4 hrs for legal 1 and 2 (8 hrs total) At first renewal a sales license holder will have 278 total hours of education - 270 hours of QE and 8 hours of CE.
rural homestead
limited to 200 acres
TREC has promulgated sales contract forms for
most residential properties including Farm and Ranch. TREC has no forms for commercial transactions. TREC has no forms for the sale of Co-ops or mobile homes.
Broker's Responsibilities for sales agent
must ensure that all sponsored agents are acting in compliance with federal, and state laws and TREC rules responsible for any property management activity brokerage activity- must require that the sales agent receive coaching and assistance from an experienced license holder competent for that activity. broker wishes to terminate sponsorship, he must notify the sales agent in writing and return the sales agent's license certificate to the Commission immediately Brokers must designate anyone who leads, supervises, or directs a team in their brokerage as a delegated supervisor, with TREC, if he or she has or will be supervising for more than three months An applicant who has applied with a broker and passed the test cannot engage in business until the license is received in the broker's office broker who sponsors sales agents or is a designated broker for a business entity shall maintain, on a current basis, written policies and procedures to ensure that:
Alternate Name
name used by an individual license holder other than the name on the individual's license, such as a middle name, married name, maiden name or nickname.
Team Name
name used only by a team or group of one or more sponsored sales agents or brokers associated with this broker. Team names must end in "team" or "group" and cannot contain the words "brokerage", "company", or "associates" or other similar terms.
Discriminatory Practices
no license holder shall inquire about, respond to or facilitate inquiries about or make disclosures indicating any discriminatory preferences or limitations.
TREC may access an admin penalty
of up to $5,000 per day for violation of the license act by any person, either licensed or unlicensed. If TREC assesses a penalty, a license holder has 30 days to pay the penalty.
executor
person designated to execute the terms of a will
Intestate Succession
refers to how property passes when a person dies without a will (intestate) or with a will that makes only a partial distribution of his/her property
Texas Appraisers Licensing and Certification board - TALCB
regulates real estate appraisers and administers TALCB is an independent subdivision of TREC with its own board. TALCB is guided by nine board members - 4 licensed real estate appraisers and 4 members of the general public - appointed by the Governor with the concurrence of the Senate, and the Executive Secretary of the Texas Veterans Land Board as an ex-officio member
Statue of Frauds
requires that all contracts that relate to the transfer of any interest in real estate must be in writing to be enforceable. This also applies to compensation/employment agreements, such as listings and buyer representation agreements. Verbal agreements make you a volunteer in the eyes of the courts.
Conversion
spending commingled funds is also prohibited.
TREC has the power to
subpoena books, records, and witnesses. If a license holder fails to respond to a subpoena, TREC can file suit with the Attorney General to enforce the subpoena.
Information About Brokerage Services
the TREC IABS form is a mandatory form to be presented at first substantive dialog. The completed IABS Notice can be provided: 1. by personal delivery by the broker or sales agent; 2. by first class mail or overnight common carrier delivery service; 3. in the body of an email; or 4. as an attachment to an email, or a link within the body of an email, with a specific reference to the IABS Notice in the body of the email. A link to a completed IABS Notice may NOT be in a footnote or signature block in an email.
If TREC does not have proof of CE at the time a license holder renews (on time renewal)
the fee for renewal will include a $200 penalty. The renewal will be active for 60 days. After 60 days, if CE is not submitted to TREC, the license will automatically become inactive
Fidelity
the license holder is a fiduciary to his client. As such the real estate agent must be faithful and observant to trust placed in the agent. The fiduciary must be scrupulous and meticulous in performing functions for the client.
Competency
the license holder will be knowledgeable, educated and informed in performing his work. This will include being informed regarding local market issues and conditions affecting real estate in the geographic area where a license holder provides services to a client in addition to being educated in the characteristics involved in the specific type of real estate being brokered for others.
to return to active status
the license holder will have to complete and submit CE, pay an additional $250 penalty and apply to move the license back to active status. The license holder will also have to submit a form stating, "he or she did not engage in real estate while inactive."
Unauthorized Practice of Law
the proffering of legal advice or services by one who is not a licensed attorney A license holder can be held financially responsible for any loss a client suffers if it is determined that the loss was a result of the license holder's unlawful practice of law. A license holder cannot draft a form, advise about the sufficiency or validity of a form, advise about title, write a contingency into a form, add details for which there is a TREC addenda, use an out of date form, add "time is of the essence" to a form, or cross out provisions of a TREC form, except under the direction of a client. In any/all of these situations, the best course would be to recommend that the client speak with an attorney
License holders must use standard Contract forms when applicable. Exceptions are
those prepared by Attorneys from this state or any other state, or those specified by governmental agencies, property owners, or their lawyers.
Probate
title transfers to heirs here the official proving of a will is the judicial process to prove or confirm a will, or to settle the estate of someone who dies intestate. Probate must begin within 4 years of death. A district court judge transfers title to real property at a probate hearing. That transfer of title is final after 30 days. See chart in Chapter 2.
The IABS is presented before
you have been hired, therefore, before you have a client.
An unlicensed assistant may
• Accompany a license holder on showings and to open houses • Set appointments for a license holder to show property • Place for sale signs on property, accompany an inspector, place advertisements as directed by the license holder • Assist in arranging financing at the direction of a license holder in an administrative way - assist a buyer in obtaining forms or information to apply and qualify for a loan • Train and motivate license holders • Manage an office • Perform all clerical activities for the broker, such as typing contracts, preparing reports and CMAs, filing, copying and organizing information • Act as an onsite apartment manager
An unlicensed assistant cannot:
• Host an open house or show property • Unlock a door to a property for a prospect • Telemarket for listings (prospect for leads) • Engage in any activity requiring a license
Landlord-Tenant Issues
• Tenants may sign an agreement waiving a right to interest on the security deposit. Landlords must account for security deposits within 30 days after tenants leave. • Landlords must provide new locks on rental property no later than seven days after a new occupant takes possession of a leasehold premise. Smoke detectors must be operational at the time the tenant is granted possession. Keyless deadbolts are required but not double cylinder locks.
Texas Veteran's Land Board
• The housing assistance program allows an eligible Texas veteran to have his/her mortgage loan sold to the TVLB instead of to the secondary market. The benefit to the borrower is an interest rate significantly lower than prevailing market rates • The TVLB loan program allows eligible Texas veterans to borrow up to $150,000 from the TVLB to purchase unimproved property. The buyer must obtain a survey and pay 5% down for a 30-year loan. The minimum tract size is one acre. Both of these programs are available to all honorably discharged Texas veterans. Disability is not a requirement. Neither program is available to any dishonorably discharged veteran. Both programs are available for the surviving spouse of a veteran listed as Missing In Action or whose death was service connected.
