Keeping Current with Texas Real Estate, MCE

by Jacobus, Charles J.; Wiedemer, John P.

• ISBN13: 9780324185416
• ISBN10: 0324185413
• Edition: 2nd
• Format: Paperback
• Copyright: 2002-03-22
• Publisher: Thomson Learning

Summary

As a Texas Real Estate professional, you know how critical it is to stay informed on the most current practices and regulations in Texas Real Estate today. Count on Chuck Jacobus and Jack Wiedemer, two highly respected Texas Real Estate authors, to deliver the most up-to-date MCE material you need for continued professional development. Book jacket.

Table of Contents

Licensing Laws, Rules, and Regulations
Introduction	p. 3
Changes to Trela	p. 3
Changes in Education	p. 3
Suits for Commissions	p. 5
Referral Fees	p. 5
Hidden Issues	p. 5
Termination of Employment Contracts	p. 5
TREC Rule 535.154(i) Internet Advertising	p. 6
Fair Housing	p. 6
Advertising Rules	p. 6
Agency Disclosure	p. 6
If the Licensee Does Not Represent a Party	p. 7
If the Licensee Represents a Party	p. 8
Intermediary Status	p. 8
Intermediary = Sponsoring Broker	p. 9
The Appointment Process	p. 9
The Notification Form	p. 11
Difficult Questions	p. 12
Residential Rental Locators	p. 13
Residential Rental Locator Guidelines	p. 13
Pertinent Cases Interpreting Provisions of the License Act	p. 13
Good News on Commissions (for a Change)!	p. 16
No Termination Date = No Listing?	p. 18
Texas Contracts	p. 19
TREC Forms	p. 19
Computerized Forms	p. 21
Practicing Law	p. 22
Pertinent Provisions	p. 23
Contingencies	p. 23
Additional Contingencies	p. 24
Specific Paragraphs	p. 24
Effective Date	p. 36
Inspector Regulations	p. 36
Law Update	p. 40
Homestead Overview	p. 43
New Issues	p. 43
Home Equity Liens	p. 43
Home Improvement Loans	p. 46
Reverse Mortgage Loans	p. 48
Mobile Homes	p. 50
Bigger Urban Homestead	p. 50
Judgment Liens	p. 51
Designation of Homestead with Appraisal District	p. 53
New Homestead Cases	p. 53
Ad Valorem Taxation	p. 56
Lessee Protest	p. 56
Homestead Tax Exemptions for Surviving Spouses	p. 56
New Cases	p. 56
Federal Income Tax	p. 58
Gain On Sale of Principal Residence	p. 58
Capital Gains	p. 59
Home Is a Principal Place of Business, Again	p. 59
Reverse Like-Kind Exchanges	p. 60
Landlord and Tenant	p. 60
Landlord's Duty to Mitigate Damages	p. 60
Water Code Changes	p. 60
Commercial Tenancy Rules	p. 61
Pertinent Cases	p. 62
Evictions	p. 62
Suitability	p. 63
Residential Use	p. 63
Criminal Conduct	p. 63
Duty to Mitigate	p. 65
Annexation Legislation	p. 66
Annexation Legislation Overview	p. 66
Contract Issues	p. 67
New Disclosures	p. 67
Municipal Utility Districts	p. 67
Seller's Disclosure Regarding Potential Annexation	p. 68
Seller's Notice of Obligations Related to Membership and Property Owners' Association	p. 68
Property Owners' Association Disclosures	p. 68
Installment Land Contracts	p. 68
Recent Cases On Contracts	p. 69
Oral Earnest Money Contracts	p. 69
Contracts for Deed	p. 70
Legal Descriptions	p. 71
Verbal Contract Extensions	p. 72
Recording Issues	p. 73
Statute of Frauds: Electronic Transactions	p. 73
Fair Housing	p. 76
Family Status and National Origin	p. 77
Occupancy Restrictions	p. 78
Marital Status	p. 79
Family Discrimination: Pregnancy	p. 80
Fair Housing: Discrimination	p. 80
New Rules for Buyer's Brokers?	p. 82
The Fair Housing Partnership Resolution	p. 83
New RESPA Issues	p. 84
Payment Shock	p. 84
HUD Speaks Out on YSP's	p. 85
Residential Lead-Based Paint Hazard Reduction Act 1992	p. 85
What Is Required?	p. 85
Deed Restrictions	p. 86
Nonprofit Corporation	p. 86
HOA Foreclosures	p. 87
New Cases	p. 88
Defenses to Enforcement	p. 90
Municipal Enforcement	p. 91
Sex Offender Registration	p. 92
Texas Sex Offender Registration	p. 92
Premises Liability	p. 93
New Community Property Rules	p. 95
Equitable Interests of Community Property	p. 95
Converting Separate Property to Community Property	p. 95
Homebuilders' Warranty Issues	p. 96
Additional New Legislation	p. 96
Notary Public Legislation	p. 96
Title Insurance Legislation	p. 97
Utility Service Providers	p. 98
Issuance of Land Patents	p. 99
Cemeteries	p. 99
Texas Deceptive Trade Practices Act & Agency	p. 100
Deceptive Trade Practices Act	p. 103
Definitions	p. 104
Other Important Provisions	p. 104
Section 17.42 Waivers	p. 104
Section 17.44	p. 105
Section 17.49 New Prohibited Claims	p. 105
"The Laundry List"	p. 105
Warranties of Good and Workmanlike Manner	p. 107
Unconscionable Action or Course of Action	p. 108
Brokerage Cases Interpreting the DTPA	p. 108
Pertinent Cases	p. 109
Defenses Under the DTPA	p. 116
Statutory Defenses	p. 116
Section 17.505	p. 116
Section 17.5051 Compulsory Mediation	p. 117
Section 17.555	p. 117
Case Law Defenses	p. 118
Licensed Real Estate Property Inspectors	p. 121
Seller Disclosure Forms	p. 122
Seller's Disclosures in the Courts	p. 123
Damages Under the DTPA	p. 125
Negligent Misrepresentation	p. 126
Real Estate Recovery Fund	p. 126
Agency	p. 127
Agency Introduction	p. 127
Creation of the Agency Relationship	p. 128
Actual Authority	p. 128
Ostensible Authority	p. 128
Ratification	p. 129
Purchaser Representation--The Shift of Fiduciary Duty	p. 129
Procedures	p. 131
Buyer Brokerage Issues	p. 133
New Texas Case	p. 134
The Difficult Situations	p. 136
Agency Disclosure Rules	p. 137
The Dual Agency Statute	p. 139
MLS Rules	p. 140
The Latest Roles for Licensees	p. 141
Intermediaries	p. 141
Can You Give Advice or Opinion?	p. 144
Finance Update, Federal and State	p. 146
Introduction	p. 149
The Mortgage Market Today	p. 150
Custom Pricing of Mortgage Loans	p. 150
Primary Mortgage Market	p. 151
Residential Loans	p. 151
Commercial Loans	p. 151
Regulated Lenders	p. 152
Community Reinvestment Act (CRA)	p. 153
Community Development Corporations	p. 153
Mortgage Companies	p. 154
Texas Licensing of Mortgage Brokers	p. 154
Administration of the Law	p. 155
Additional Requirements	p. 155
Computerized Loan Origination (CLO)	p. 156
Automated Underwriting	p. 156
Automated Underwriting on the Internet	p. 156
Mortgage Loan Web Sites	p. 158
Home Appraisals by Computer	p. 158
Secondary Mortgage Market	p. 158
Mortgage Partnership Finance Program (MPF)	p. 159
Federal National Mortgage Association (Fannie Mae)	p. 159
Federal Home Loan Mortgage Company (Freddie Mac)	p. 161
HUD'S Final Rule on Government Service Enterprise's (GSE'S) Affordable Housing	p. 162
Government National Mortgage Association (Ginnie Mae)	p. 162
Federal Agricultural Mortgage Corporation (Farmer Mac)	p. 163
Fannie Mae/Freddie Mac Loan Limits	p. 163
Continued Payment of Private Mortgage Insurance	p. 164
Credit Scoring	p. 165
FHA Issues a Scoring Procedure	p. 165
FICO Credit Score	p. 166
Subprime Loans	p. 166
Subprime Delinquencies Are Increasing	p. 167
Typical Credit Criteria	p. 167
Predatory Lending	p. 168
Shoddy Appraisals Help Predatory Lenders	p. 169
State Predatory Lending Bills	p. 169
Mortgage Fraud	p. 169
Investment in Real Estate	p. 170
Investing Via the Internet	p. 170
Interest Rates for Commercial Loans	p. 170
Recent Changes in HUD/FHA Requirements	p. 171
FHA Premium Reduced	p. 171
HUD Increases Multifamily Loan Limits	p. 171
HUD/FHA Loan Limits for Texas	p. 172
Loan Limits Based on Geographic Location	p. 172
Loan Limits Based on Value of the Collateral Property	p. 172
HUD's Section 811 Program	p. 173
Teacher Next Door Program	p. 173
New FHA Disclosure	p. 174
New VA Guaranty Limit	p. 174
VA Benefits Increased	p. 174
Affordable Housing Programs	p. 175
Program Guidelines	p. 175
CRA Credit Criteria	p. 175
Home Buyer Education Requirements	p. 176
Texas Veteran's Land Board	p. 176
Texas Department of Housing and Community Affairs	p. 177
First Time Homebuyer Program	p. 177
Down Payment Assistance Program	p. 178
Manufactured Housing	p. 178
Manufactured Home Building Code	p. 179
Mortgage Electronic Registration System	p. 180
Real Estate Center	p. 180
Real Estate Center Advisory Committee	p. 181
Publications	p. 181
Environmental Issues	p. 182
Introduction	p. 185
Polychlorinated Biphenyls (PCB)	p. 186
The Lead Factor	p. 186
The Environment and the Economy	p. 186
Environmental Assessments for Home Loans	p. 187
Environmental Assessments for Commercial Loans	p. 187
Environmental Requirements of the Secondary Market	p. 187
An Agent's Disclosure of Environmental Factors	p. 188
Principal Environmental Problems	p. 189
Lead Poisoning	p. 189
1996 Lead-Based Paint Rule	p. 190
Sources of Lead Poisoning	p. 191
Testing for Lead	p. 191
EPA and State Offices for Lead	p. 191
Indoor Air Pollution	p. 192
Formaldehyde Gas	p. 192
EPA and State Agencies for Formaldehyde	p. 193
Radon Gas	p. 193
EPA and State Radon Agencies	p. 194
Asbestos	p. 195
Economic Consequences	p. 196
Rules Governing Asbestos Removal	p. 196
Texas Department of Health Asbestos Regulations	p. 197
EPA and State Asbestos Agencies	p. 197
Mercury	p. 197
Toxic Waste Sites	p. 198
Extent of Liability	p. 198
Hazardous Materials Covered by CERCLA	p. 199
Innocent Landowner Defense	p. 199
Recovery of Brownfield Areas	p. 200
Tax Relief for Brownfield Cleanup	p. 201
Private Insurance for Superfund Liabilities	p. 201
Banker's Environmental Risk Insurance	p. 201
EPA and Texas Solid and Hazardous Waste Agencies	p. 202
Polychlorinated Biphenyl (PCB)	p. 202
Clean Water Act	p. 202
Wetlands Protection	p. 203
Rule Favoring Small Landowners	p. 204
Wetlands Definition	p. 205
Wetlands Mitigation Banking	p. 205
Enforcement	p. 206
Other Regulatory Agencies Involved with Wetlands	p. 206
EPA, Texas, and Corps Offices for Wetlands	p. 207
Endangered Species Protection	p. 207
Kinds of Endangered Species	p. 207
Taking Is Prohibited	p. 208
Penalties and Enforcement	p. 208
Challenges by "Activists"	p. 208
Underground Storage Tanks (UST)	p. 209
Electromagnetic Forces	p. 210
Facts About Electromagnetic Forces	p. 211
Regulations	p. 211
Real Estate Agents and EMF	p. 211
Texas Private Real Property Rights	p. 212
Documents and Forms	p. 1
TREC 20-5, One to Four Family Residential Contract (Resale)	p. 2
TREC 10-4, Addendum for Sale of Other Property by Buyer	p. 10
TREC 11-4, Addendum for "Back-Up" Contract	p. 11
TREC 39-3, Amendment to Contract Concerning Property	p. 12
TREC 38-1, Notice of Termination of Contract	p. 13
Broker-Lawyer Committee Discussion Draft	p. 14
Intermediary Relationship Notice	p. 15
Answers to Pre-Assessment Evaluation	p. 1
Index	p. 1
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