© 2012 Cengage Learning

© 2012 Cengage Learning

Introduction to Real Estate

Chapter 1

© 2012 Cengage Learning

HOW TO READ THIS BOOK

Chapters 2 - 24 include a list of the new “Key Terms” with brief definitions. Review before starting each chapter.

In the body of each chapter these terms are set in boldface italic type with in-depth discussion.

At the end of each chapter are questions to help you test yourself on your comprehension of the material.

The answers are in Appendix F. A glossary is also included at the back of book.

© 2012 Cengage Learning

TRANSACTION OVERVIEW

© 2012 Cengage Learning

Real Estate is a Unique Subject Complex legal theories Unusual fact situations Fun and interesting business

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Career Opportunities Residential Brokerage Commercial Brokerage Industrial Brokerage Farm Brokerage Property Management Apartment Locators Real Estate Appraising Government Service

© 2012 Cengage Learning

more Career Opportunities

Land Development Urban Planning Mortgage Financing Securities &

Syndications Consulting Research & Education Full-Time Investor

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License Requirements

Any person who, for compensation or the promise of compensation

lists or offers to list sells or offers to sell buys or offers to buy negotiates or offers to negotiate

Owners who deal only with their own property are not required to be licensed!

© 2012 Cengage Learning

License Requirements

either directly or indirectly for the purpose of bringing about a sale, purchase, or option to purchase, exchange, auction, lease, or rental of real estate, or any interest in real estateis required to hold a valid real estate license.

© 2012 Cengage Learning

Texas License Requirements

Before applying for a real estate Salesperson License requiring 210 classroom hours, individuals must furnish evidence of successfully completing the following education:

Principles of Real Estate core real estate course (60 classroom hours)

Law of Agency core real estate course (30 classroom hours)

Law of Contracts core real estate course (30 classroom hours)

An additional core real estate course (30 classroom hours)

Another four semester (60 classroom) hours in core courses or in related courses

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Texas Broker License900 classroom hours or 60 semester hours

To be eligible to apply for a real estate Broker License:

Two (2) years active experience plus 270 classroom hours of core real estate

courses plus An additional 630 classroom hours in related

courses

© 2012 Cengage Learning

TREC Mailing Address:

Texas Real Estate Commission P. O. Box 12188 Austin, TX 78711-2188 Street Address:

Texas Real Estate Commission 1101 Camino La Costa Austin, TX 78752 Phone:(512) 459-6544