HB3913 - Relating to the licensing and regulation of certain real estate professionals by the Texas Real Estate Commission.

  89R21828 RAL-F     By: Harless, King, Thompson, Bell of Kaufman, H.B. No. 3913       Harris     Substitute the following for H.B. No. 3913:     By:  Phelan C.S.H.B. No. 3913       A BILL TO BE ENTITLED   AN ACT   relating to the licensing and regulation of certain real estate   professionals by the Texas Real Estate Commission.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 1101.003(a), Occupations Code, is   amended to read as follows:          (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;                     &# [Text truncated for display. 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