Texas Real Estate

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Author:
leakinmysoul
ID:
252939
Filename:
Texas Real Estate
Updated:
2013-12-13 00:19:06
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12 Texas
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Texas
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  1. TREC
    The Texas Real Estate Commission - 6 broker members and 3 public members - created to administer the provisions of the license act - they promulgate contract forms for licensees
  2. TRELA
    The Texas Real Estate License Act - passed by legislation to protect the public
  3. Broker Lawyer Committee
    6 attorneys appointed by the president of the State of the State Bar, 6 brokers appointed by the TREC and 1 public member appointed by the Governor - they write the Texas contract forms
  4. Real Estate Recovery Trust Account
    An account established to pay aggrieved persons who suffer a monetary loss due to unscrupulous acts of licensees
  5. SAE
    Salesman's Annual Education - a 90 core hour requirement that must be met during the first two years of licensing in order for a licensee to be able to renew that license
  6. MCE
    Mandatory Continuing Education - a 15 hour course taken once every two years and including 6 hours of legal update, required by all licensees with a total of 270 or more core hours
  7. Expired
    No longer licensed - a sales or broker license has not been renewed on time
  8. Inactive
    A license has been renewed but is being held by TREC - one cannot engage in the business while inactive
  9. Branch Office License
    Required if a broker has more than one place of business
  10. DBA
    Doing Business As - also an assumed name - a broker with a DBA must file it with the county clerk in every county where he/she has an office
  11. TREC 1-1
    TREC Consumer Information Form 1-1 notifies the public of the recovery trust account - it must be displayed in the broker's office
  12. Referral Gift
    A licensee may give a referral gift of up to $50 in value (not cash) to any unlicensed individual who provides a referral
  13. Commission Rebate
    A broker shares a portion of his/her commission with a client within a transaction - taking a reduced commission
  14. Nonresident Broker
    A broker with a Texas Real Estate broker's license, but no home or office in Texas - this broker can only work in Texas through a resident broker
  15. Foreign Broker
    A broker with a license from any other state or country outside of Texas - this broker cannot engage in the business in Texas, but may collect a commission from a Texas broker
  16. Telemarketing
    Also called cold calling - telemarketing for listings in Texas is legal but requires a Real Estate License
  17. Federal Do Not Call List
    Regulates telemarketing on interstate and international calls
  18. Texas No Call List
    Regulates telemarketing on interstate and intrastate calls
  19. SB 489
    Senate Bill 489 - allows a broker to act as an intermediary in a transaction - representing both parties
  20. Intermediary with appointments
    A broker intermediary appoints associates to work with the parties - one associate gives advice and opinions to the buyer and one associate gives advice and opinions to the seller - the broker can never give advice or opinions to either party - the broker can only disclose facts
  21. Intermediary without appointments
    The broker is the intermediary and represents both parties - no advice or opinions given to either party - only facts about the property can be disclosed by the broker
  22. Information About Brokerage Services
    A form designed by TREC and presented to a prospect at first substantive dialogue - it explains or discloses how agency works - disclosure of agency - if the TREC form is not used, any other form with TREC working in 10 point type can be used
  23. Disclosure of Representation
    A mandatory disclosure by licensees representing a party - must be made to all other parties or licensees at first contact
  24. Texas Subagent
    A licensee representing a seller while being sponsored by a broker other than the listing broker
  25. Seller's Disclosure of Property Condition
    Must be provided to a buyer before the buyer makes an offer in order for the offer to be binding on the buyer
  26. Promulgated Contract Forms
    Written by the Broker-Lawyer Committee and promulgated by TREC these contract forms are for the mandatory use of licensees
  27. Mediation
    Alternative Dispute Resolution - a mediator hear both sides and tries to help the parties come to an agreement
  28. Arbitration
    An arbitrator hears both sides and then tells the parties what to do - used when mediation fails
  29. Certificated Service Area of a Utility Service Provider
    A location where property owners may face a charge for turning on or connecting water and sewer services - a disclosure must be provided to prospective buyers
  30. Reasonable amount of time
    As defined by TREC - 2 days
  31. Homestead Protection
    A statutory estate - a family homestead is protected from forced sale by all creditors except:  mortgage, property taxes, m&m liens and homeowner association fees
  32. Homestead Exemption
    A tax benefit - homeowners must own and occupy the property on January 1st and apply for the exemption to get it
  33. DTPA
    Deceptive Trade Practices Act - individuals have 2 years from the discovery of the deception to file a complaint
  34. M.U.D.
    Municipal Utility District - a provider of water and sewers to residents of the district - disclosure to buyers is mandatory
  35. Intestate Succession
    Laws that govern how property passes when a party dies without a will or with a will that makes only a partial distribution of the property
  36. Forcible Entry and Detainer
    Eviction - - also called action of forcible detainer
  37. Rule P-53
    Regulates title companies in Texas - limits incentives they can provide to possible sources of business
  38. Mold Assessor
    A licensed individual who will determine the need for mold remediation
  39. Mold Remediation
    The removal of mold
  40. Mold Remediator
    A licensed individual who will remove mold and the underlying cause of mold
  41. Certificate of Mold Remediation
    Provided by a mold remediator, it verifies that the mold has been removed and certifies with a reasonable certainty that the underlying cause of the mold has been corrected - must be provided with 10 days of work being completed
  42. R.E. License Requirements
    18 years of age, Texas resident at time of application, legal residency, pass exam, fingerprinting
  43. Salesman License Education Requirements
    180 classroom hours including 60 in Principles of Real Estate, 30 in Law of Agency, 30 in Law of Contracts, 30 in Finance and 30 in Promulgated Contract Forms (effective September 1, 2012)
  44. Broker License Requirements
    900 classroom hours including 30 in Real Estate Brokerage and at least four years active experience in Texas as a licensed real estate salesperson.  An applicant must demonstrate not less than 3,600 points of qualifying practical experience obtained during four out of five years as required by 535.56(b) of the Rules of the Texas Real Estate Commission
  45. Competency for Licensure
    Passing the state test
  46. Investigation of Licensees by TREC
    TREC can investigate the actions of a licensee at its own motion, or if they have received a written signed complaint no more than 4 years after a contract or the date of an incident
  47. Integrity for Licensure
    An individual must satisfy TREC as to their honesty, integrity and trustworthiness and must not be in default on Texas State student loans
  48. License Exam
    A candidate has 12 months from the date on their authorization letter to pass the exam which can be taken an unlimited number of times
  49. Designated Officer
    The broker of a licensed real estate corporation
  50. Designated Manager
    The broker of a licensed Real Estate Limited Liability Company
  51. Secondary Notice of Intermediary
    A reminder notice provided to the buyer and seller when a buyer client is interested in purchasing an in-house listing - this notice names the appointed associates
  52. Substantive Dialogue
    A face to face meeting with a substantial discussion of real estate or any mailing with a substantial amount of information about a particular property
  53. Minimum Services
    TREC requires a broker who represents a party or who lists real property under an exclusive agreement to:  inform the party of material information related to the transaction, answer the party's questions and present offers to and from the party, and to refrain from telling another broker to negotiate directly with the broker's client

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