Agency relationships are the foundation of most real estate transactions. The relationship between a licensee and his or her client is considered a fiduciary relationship, meaning that the client places trust in the licensee to fulfill certain duties towards the client. A broker or licensee can act as a seller's agent, a buyer's agent, a subagent or an intermediary, and each of these four types of agency relationships has its own set of guidelines, as well its own ethical issues. Licensees who understand both the basics of agency law as well as the specific laws of agency in the state of Texas will be able to serve their clients and customers to the best of their abilities and avoid litigation.
The beginning of this course covers the basics of agency law in general, including the brief history of real estate agency, the definition of agency, the parties involved in the relationship, the types and degrees of authority and the role of agency in real estate. Then, the course covers all relevant sections of the Texas Real Estate License Act and the Rules of the Texas Real Estate Commission. In addition, the student will learn about the creation and termination of agency relationships, the rules for agency disclosure, the duties required of agents, the agent's liability, the Texas Deceptive Trade Practices Act, and the different types of agency agreements.
As the student completes this module, he or she should attempt to fit the information in with the big picture of the real estate profession. The conclusion of the module will assist in drawing the information together by presenting real world practice, comprehension questions and case studies for the student's consideration.
TREC Guideline Update effective September 1, 2017
Due to new guidelines, students are now required to take the exam in the presence of a qualified proctor. In addition, students who may have a criminal offenses, unpaid judgement, had discipline taken against a professional or occupational license or have performed unlicensed activity can consider submitting a criminal history evaluation before applying.
Under the new rules, you will be required to find an eligible Proctor and give the exam in his/her presence to qualify for a completion certificate.
The following are acceptable third party proctors:
- employees at official testing or learning/tutoring centers;
- librarians at a school, university, or public library;
- college or university administrators, faculty, or academic advisors;
- clergy who are affiliated with a specific temple, synagogue, mosque, or church; and
- educational officers of a military installation or correctional facility.
As set out in Texas Occupations Code §53.025 and TREC Rule 541.1, you may request a criminal history evaluation prior to enrolling in courses. If you have any criminal offenses, unpaid judgments, had discipline taken against a professional or occupational license, or have performed unlicensed activity, TREC requires you to consider submitting a completed Moral Character Determination Form before applying for a license.Close
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