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Texas Real Estate Sales Agent Course Notes

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Section 1Texas: LicensingPreview
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Key Points

  • Term: TREC Eligibility Notice - Authorization and identifying information used to schedule the licensing exam.

Common Mistakes

  • The eligibility notice is the exam-scheduling trigger; it is not an active sales-agent license.

Exam Tips

  • Always verify the applicant’s status with TREC before scheduling.
Section 2Texas: Standards of ConductPreview
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Key Points

  • Term: Broker Name - Required disclosure for advertising to avoid misleading impressions.

Common Mistakes

  • Team names are allowed, but they must be clearly linked to the broker’s name.

Exam Tips

  • Always review advertising materials with the broker before publication.
Section 3Texas: ContractsPreview
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Key Points

  • Term: Seller’s Disclosure Notice - Required form for disclosing property condition.

Common Mistakes

  • The Information About Brokerage Services form deals with brokerage relationships, not property condition.

Exam Tips

  • Carefully review the Seller’s Disclosure Notice with your attorney.
Section 4National: Real Estate Math CalculationsPreview
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Key Points

  • Term: 360-Day Year - Used for calculating proration when the closing date falls mid-year.

Common Mistakes

  • Using a 365-day year would require a more complex calculation.

Exam Tips

  • Always confirm the year used in the proration calculation.
Section 5Texas: Agency and BrokeragePreview
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Key Points

  • Term: IABS form - Required notice to prospective buyers regarding brokerage services.

Common Mistakes

  • Distinguishing between general inquiries and substantive discussions is key.

Exam Tips

  • Carefully analyze the communication for specific property details and representation discussions.
Section 6National: Real Estate PracticePreview
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Key Points

  • Term: Familial Status - Protected class under the FHA, encompassing families with children

Common Mistakes

  • The FHA focuses on preventing discrimination in housing, not simply providing equal opportunity.

Exam Tips

  • Always verify the seller’s stated reasons for any restrictions on tenants.
Section 7National: Property Disclosures and Environmental IssuesPreview
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Key Points

  • Term: Pre-1978 Housing - Trigger for lead-based paint disclosure requirements

Common Mistakes

  • Texas seller disclosure does not replace the federal lead-based paint disclosure.

Exam Tips

  • Always provide the EPA pamphlet to the buyer.
Section 8National: Financing and SettlementPreview
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Key Points

  • Term: Loan Estimate - Standardized form providing estimated mortgage terms

Common Mistakes

  • The Loan Estimate focuses on estimated costs and terms, not final closing costs.

Exam Tips

  • Understand the purpose of the Loan Estimate – to provide a baseline for comparison.
Section 9National: Property Value and AppraisalPreview
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Key Points

  • Term: Market Value - An opinion tied to a specified date, defined rights, typical motivation, informed parties, and reasonable exposure.

Common Mistakes

  • A current market trend is a factor, but not a replacement for a defined effective date.

Exam Tips

  • Always identify the effective date when assessing market value.
Section 10National: Real Estate Contracts and AgencyPreview
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Key Points

  • Term: Unqualified Acceptance - Agreement to an offer without changing its terms.

Common Mistakes

  • A conditional reply is not an unqualified acceptance.

Exam Tips

  • Always look for unqualified acceptance.
Section 11National: Forms of Ownership, Transfer, and Recording of TitlePreview
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Key Points

  • Term: Delivery - An act or words showing the grantor’s present intent that the deed become operative.

Common Mistakes

  • Payment of the purchase price does not transfer title.

Exam Tips

  • Look for present intent to deliver and grantee acceptance; do not require hand-to-hand transfer unless the facts make it decisive.
Section 13Texas: Commission Duties and PowersPreview
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Key Points

  • Term: TREC investigation – Triggered by a signed complaint.

Common Mistakes

  • TREC’s investigation precedes judicial judgment.

Exam Tips

  • Understand the steps involved in TREC’s complaint process.
Section 14Texas: Special TopicsPreview
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Key Points

  • Term: Community Property - Property acquired during marriage

Common Mistakes

  • The presumption is a starting point, not a definitive determination

Exam Tips

  • Understand the presumption’s effect – it’s a starting point for determining ownership