©OnCourse Learning. All Rights Reserved.. Specialization ©OnCourse Learning. All Rights Reserved. Chapter 25

©OnCourse Learning. All Rights Reserved.

Specialization


Chapter 25


In This Chapter

This chapter is going to expand on career issues.

LEASING

Apartment locators Residential leases Commercial leases


PROPERTY MANAGEMENT

Early entry Need expertise in accounting &

interpersonal relationships Gain a lot of expertise very quickly


Resorts

Requires an extensive knowledge of timeshares, interval ownership, & associated fees, as well as the amenities for each of the resort properties.


Investments

Requires expertise in ownership theories, discounted cash flows, profit & loss statements, balance sheets, & investment timing

Many types of investment properties Good record-keeping and

interpersonal skills required


Investments Types

Land Farm and Ranch Properties REO Short Sales


Land

must be maintained taxes must be paid produces no income


Farm and Ranch Properties

understand farm and ranch contracts trends in farming and ranching laws for agricultural exemptions for ad

valorem tax purposes, timber harvesting, and other issues


REO

“real estate owned” by a lender Short Sales intimate knowledge of comparable sales

prices and conditions in certain subdivisions that would normally cause the prices to be depressed


Auctions & Foreclosure

a person acting as an auctioneer must have an auctioneer’s license

an individual auctioneer can act for an entity as a real estate brokerage firm licensed under the TRELA


RESIDENTIAL REAL PROPERTY majority of licensees practice consumer protection means working weekends and holidays and

staying up nights find the niche of houses you’re most

comfortable with and people you can readily communicate with


Be Prepared for Whatever

No two transactions are ever the same; motivations of parties are sometimes very difficult to determine. Divorces, bankruptcies, sickness, & relocations, are common occurrences.


Commercial Real Estate

area is specialized levels of expertise and knowledge are so

different from residential requires on-the-job training Advanced education available


COMPETENCY POLICIES

new regulations which put a whole new emphasis on competency, acknowledging levels of expertise and requirements for brokers to advise a sponsored salesperson within scope of the salesperson’s authorized activities

Brokers are responsible to ensure that a sponsored salesperson’s advertising complies with these new regulations


COMPETENCY POLICIES

Brokers are required to maintain, on a current basis, written policies & procedures

broker is required to take a broker responsibility course


Brokers are required to:(1) Advised salesperson of the scope of authorized activities & competent to conduct such activities

(2) See all compensation paid to a sponsored salesperson for acts or services subject to the TRELA is paid by, through, or with the written consent of the sponsoring broker


Brokers also are required to:(3) Give each sponsored salesperson notice of any change in the TRELA and Rules & Regulations of the TREC

(4) Determine salespeople have completed all their statutory minimum continuing education requirements

(5) See that each sponsored person receives such additional educational instruction that the broker deems it necessary


Continue Your Education

Fundamental real estate courses MBA programs Doctorate in land planning Joint programs with Law & Business School


www.trec.state.tx.us A good licensee should

keep the TREC Web page above in the “Favorite Places” section of their computer so they can access new proposed Rules and Regulations on a daily basis!


Documents

©OnCourse Learning. All Rights Reserved.. Specialization ©OnCourse Learning. All Rights Reserved. Chapter 25