Sec. 1101.003. QUALIFYING REAL ESTATE COURSES. (a) For purposes of this chapter, "qualifying real estate courses" include:
(1) agency law, which includes the following topics:
(A) the relationship between a principal and an agent;
(B) an agent's authority;
(C) the termination of an agent's authority;
(D) an agent's duties, including fiduciary duties;
(E) employment law;
(F) deceptive trade practices;
(G) listing or buying representation procedures; and
(H) the disclosure of agency;
(2) contract law, which includes the following topics:
(A) elements of a contract;
(B) offer and acceptance;
(C) statute of frauds;
(D) remedies for breach, including specific performance;
(E) unauthorized practice of law;
(F) commission rules relating to use of adopted forms; and
(G) owner disclosure requirements;
(3) principles of real estate, which includes:
(A) an overview of:
(i) licensing as a broker or sales agent;
(ii) ethics of practice as a license holder;
(iii) titles to and conveyance of real estate;
(iv) legal descriptions;
(v) deeds, encumbrances, and liens;
(vi) distinctions between personal and real property;
(vii) appraisal;
(viii) finance and regulations;
(ix) closing procedures; and
(x) real estate mathematics; and
(B) at least three class hours of instruction on federal, state, and local laws relating to housing discrimination, housing credit discrimination, and community reinvestment;
(4) property management, which includes the following topics:
(A) the role of a property manager;
(B) landlord policies;
(C) operational guidelines;
(D) leases;
(E) lease negotiations;
(F) tenant relations;
(G) maintenance;
(H) reports;
(I) habitability laws; and
(J) the Fair Housing Act (42 U.S.C. Section 3601 et seq.);
(5) real estate appraisal, which includes the following topics:
(A) the central purposes and functions of an appraisal;
(B) social and economic determinants of the value of real estate;
(C) appraisal case studies;
(D) cost, market data, and income approaches to value estimates of real estate;
(E) final correlations; and
(F) reporting;
(6) real estate brokerage, which includes the following topics:
(A) agency law;
(B) planning and organization;
(C) operational policies and procedures;
(D) recruitment, selection, and training of personnel;
(E) records and control; and
(F) real estate firm analysis and expansion criteria;
(7) real estate finance, which includes the following topics:
(A) monetary systems;
(B) primary and secondary money markets;
(C) sources of mortgage loans;
(D) federal government programs;
(E) loan applications, processes, and procedures;
(F) closing costs;
(G) alternative financial instruments;
(H) equal credit opportunity laws;
(I) community reinvestment laws, including the Community Reinvestment Act of 1977 (12 U.S.C. Section 2901 et seq.); and
(J) state housing agencies, including the Texas Department of Housing and Community Affairs;
(8) real estate investment, which includes the following topics:
(A) real estate investment characteristics;
(B) techniques of investment analysis;
(C) the time value of money;
(D) discounted and nondiscounted investment criteria;
(E) leverage;
(F) tax shelters depreciation; and
(G) applications to property tax;
(9) real estate law, which includes the following topics:
(A) legal concepts of real estate;
(B) land description;
(C) real property rights and estates in land;
(D) contracts;
(E) conveyances;
(F) encumbrances;
(G) foreclosures;
(H) recording procedures; and
(I) evidence of titles;
(10) real estate marketing, which includes the following topics:
(A) real estate professionalism and ethics;
(B) characteristics of successful sales agents;
(C) time management;
(D) psychology of marketing;
(E) listing procedures;
(F) advertising;
(G) negotiating and closing;
(H) financing; and
(I) Subchapter E, Chapter 17, Business & Commerce Code; and
(11) real estate mathematics, which includes the following topics:
(A) basic arithmetic skills and review of mathematical logic;
(B) percentages;
(C) interest;
(D) the time value of money;
(E) depreciation;
(F) amortization;
(G) proration; and
(H) estimation of closing statements.
(b) The commission may designate a course as an equivalent of a course listed in Subsection (a).
(c) The commission by rule may prescribe:
(1) the content of the qualifying real estate courses listed in Subsection (a); and
(2) the title and content of additional qualifying real estate courses.
(d) A daily course segment for a qualifying course may not exceed 12 hours.
(e) An applicant, license holder, or education provider may not report to the commission the completion of an alternative delivery or correspondence course offered as a qualifying course until the elapsed time between the time the applicant or license holder registers for the course and the time the completion of the course is reported exceeds twice the number of hours for which credit is claimed.
Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. June 1, 2003. Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 14A.152(a), eff. Sept. 1, 2003.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 1158 (S.B. 699), Sec. 3, eff. January 1, 2016.
Acts 2015, 84th Leg., R.S., Ch. 1158 (S.B. 699), Sec. 4, eff. January 1, 2016.
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