Living the Real Estate Life

LEGAL UPDATE II #42040  direct and to the point…This class is required for ALL real estate agents wishing to renew their license. Agents in their first two years of real estate will also have to take this course along with current sales agents and brokers that that currently hold an active real estate license. Students will need to download materials prior to class at https://livingtherealestatelife.com/etc/ 4-hour T.R.E.C required elective class Taught by Scott Culberson, Provider Living the Real Estate Life #10445

Course: LEGAL UPDATE II #42040
Provider: Living the Real Estate Life #10445
Instructor: Scott Culberson
Cost: $10.00, refund policy-no refunds
Thursday, September 21, 2023
          Check-in=8:40 am
          Class starts=9:00
          Class ends=1:00 pm
Location: First American Title, 4443 Town Center Place, Kingwood, TX 77339

Bring your government issued photo identification, driver’s license, passport and 2 business cards

Register and pay for class here.
https://livingtherealestatelife.com/class/in-person-legal-update-2-42040/

Please download the manual prior to class. https://livingtherealestatelife.com/etc/

Thank you to our Sponsors

Even though this form doesn’t self-proclaim, we as real estate brokers and agents in Texas know it as the Consumer Protection notice and the version shown above will go into effect Sept 1.

This is what was added–In section 3= THE REAL ESTATE RECOVERY TRUST ACCOUNT. In section 4 TRUST ACCOUNT. Here is what was removed–In section 3= TWO RECOVERY FUNDS, REAL ESTATE INSPECTOR, In section 4 FUNDS.

While these revisions seem minor, they are intended to further protect the public.

What this means to the Texas real estate agents and brokers is that ALL internet links to the form will NO LONGER WORK ON September 1, 2023. This small change will cause a large ripple to your notices. You will need to re-establish ALL links to your email signature in your main email, and any other email signatures like your association communications, E-signature services signature, pinned notice on social media ETC. The best practice is to use the link from your brokers website for the CONSUMER PROTECTION NOTICE.

Helping you to…
LIVE the real estate Life,
Scott

If you are real estate agent or broker in Texas, heads up, there is a problem with the forms we use and it has been a problem for a long time. If you are not a real estate agent you should talk to YOUR real estate agent about this problem. Let me set the stage. Your client is buying a home(One to Four Family Residential Contract Resale, T.R.E.C. NO. 20-17), Page 9 of this form has an EXECUTED date and signatures of both parties. Now the details of the contract move forward… Earnest Money, Option Money are delivered per the contract and so on. Somewhere between now and closing a NEW document is introduced to the transaction. This could be the REVISION of a document OR a completely new document. Here comes the problem. The Amendment, T.R.E.C. NO. 39-9, does not have a check box or line to ADD a document, Revision or brand new document. The Amendment mentioned above is used to add or change the existing contract.
This is where a real estate agent in Texas will probably point to check box (9) Other Modifications: (Real estate brokers and sales agents are prohibited from practicing law.). That is what is stated before you come to three blank lines. Yes, real estate brokers and agents can use this section to add a new document or add a revised document but they probably SHOULD NOT because they are NOT to practice law.
Real quick and I am going to wrap this up. If we go back to the part where your client is buying a home(One to Four Family Residential Contract Resale, T.R.E.C. NO. 20-17), are you with me? On page 8 of that contract we have Paragraph 22 which lists documents. This is where those documents are attached to the contract. The broker or real estate agent checks the boxes for all of the documents that are being used in that transaction, then both parties initial and or sign the document that were checked. This makes COMPLETE since from a contract beginning stand point but once the contract is accepted by all parties on Page 9—IF WE NEED TO INTRODUCE OR CHANGE DOCUMENTS WE HAVE A PROBLEM.

Our Organizational Sponsor, Shelley Keller at Stewart Title The Woodlands/Willis has put together an OFF-Site IN-Person class that is OH SOOOO tasty. See details below for more information and I look forward to seeing you there.