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Specialization ©OnCourse Learning. All Rights Reserved. Chapter 25

©OnCourse Learning. All Rights Reserved. In This Chapter This chapter is going to expand on career issues.

LEASING Apartment locators Residential leases Commercial leases ©OnCourse Learning. All Rights Reserved.

PROPERTY MANAGEMENT Early entry Need expertise in accounting & interpersonal relationships Gain a lot of expertise very quickly ©OnCourse Learning. All Rights Reserved.

Resorts Requires an extensive knowledge of timeshares, interval ownership, & associated fees, as well as the amenities for each of the resort properties. ©OnCourse Learning. All Rights Reserved.

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 ©OnCourse Learning. All Rights Reserved.

Investments Types Land Farm and Ranch Properties REO Short Sales ©OnCourse Learning. All Rights Reserved.

Land must be maintained taxes must be paid produces no income ©OnCourse Learning. All Rights Reserved.

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 ©OnCourse Learning. All Rights Reserved.

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 ©OnCourse Learning. All Rights Reserved.

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 ©OnCourse Learning. All Rights Reserved.

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 ©OnCourse Learning. All Rights Reserved.

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. ©OnCourse Learning. All Rights Reserved.

Commercial Real Estate area is specialized levels of expertise and knowledge are so different from residential requires on-the-job training Advanced education available ©OnCourse Learning. All Rights Reserved.

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 ©OnCourse Learning. All Rights Reserved.

COMPETENCY POLICIES Brokers are required to maintain, on a current basis, written policies & procedures broker is required to take a broker responsibility course ©OnCourse Learning. All Rights Reserved.

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 ©OnCourse Learning. All Rights Reserved.

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 ©OnCourse Learning. All Rights Reserved.

Continue Your Education Fundamental real estate courses MBA programs Doctorate in land planning Joint programs with Law & Business School ©OnCourse Learning. All Rights Reserved.

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! ©OnCourse Learning. All Rights Reserved.