Texas Real Estate Practice

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Planned mix of diverse land uses such as housing and recreation in one comprehensive plan - use of buffer zones - can build more homes on less land

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Planned Unit Development (PUD)

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Ordinances that specify standards for construction - maintenance - demolition - controlled by building permits and inspections

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Building Codes

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apply to the location of streets, minimum lot size, sewer, water, utilities, etc.

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Subdivision Regulations

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Private restrictions written into deeds or leases that limit the use of property are called

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Deed Restrictions

Covenants, Conditions & Restrictions (CC&R's)

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The violation of a condition can give the grantor the right to take back ownership is

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Deed Conditions

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Which type of lien generally takes priority over other liens

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Real Estate taxes

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"According to the Value" - includes taxes levied on real estate by various governmental units and municipalities

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Ad Valorem Tax

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Used in some states to correct general inequalities in statewide tax assessment is known as a

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Equalization Factor

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Special taxes levied on real estate; require property owners to pay for improvments that specifically benefit their real estate are known as

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Special Assessments

(ex. installation of a curb, gutter, streets, water system, sewers)

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Portions of land located near running bodies of water that are subject to flooding is known as a

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Floodplain

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Areas of land where groundwater is close to or at the surfaceof the ground for a period of time each year that mya produce swamps, flood plains or marshes are known as

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Wetlands

(covered by various federal, state, and local controls)

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Zoning laws that reflect environmental as well as health and safety concerns

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Shoreline Regulation

(tree-cutting rules, set back requirements, filling and grading controls, waste disposal)

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the State of Texas easement is how many feet of shoreline for public use?

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100 feet

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Increasing public awareness of and concern about pollution problems and their health and economic effects have had significant consequences on real estate and values is called

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Environmental Concerns

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An odorless radioactive gas - comes into house through holes in the foundation or basement - long-term exposure is believed to cause lung cancer

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Radon Gas

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Material used as insulation or plumbing pipes and heat ducts - may become life-threatening during its removal b/c of accompanying dust is

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Asbestos

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A synthetic material used to insulate buildings - pumped between walls as a foam - b/c dangerous when it hardens due to release of gases

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Urea-Formaldehyde Foam Insulation (UFFI)

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Health hazard when ingested - requires disclosure if built before 1978 - attached as a sep. item to all sales and leases

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Lead

(buyers have 10 days to have a test ran)

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Used in the manufacture of electrical products such as voltage regulators as well as in paints and caulking materials - has not been used since 1977

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PCB's (Polychlorinated Biphenyls)

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Landfill - site that has been excavated and should be lined w/ clay or synthetic liner to prevent leakage into the water system

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Waste Disposal Sites - Landfill Operations

(heavily regulated by state and federal authorities)

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Used in residential and commercial setting for years - hold hazardous substances such as gasoline. Risk occurs when it becomes old, rust and starts to leak.

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Underground Storage Tanks

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Systems that are sources of wells for both private and public facilities - contamination include: waste-disposal sites, underground storage tanks an dpesticides and hebicides used in farming

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Groundwater Contamination

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Generated by movements of electrical currents - subject of causing cancer and related health problems

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Electromagnetic Fields (EMFs)

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Created to regulate the generation, transportation, storage, use, treatment, disposal, and cleanup of hazardous waste is the

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Resource Censervation and Recovery Act(RCRA) of 1976

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Created in 1980 - established superfund (9 billion) to clean up uncontrolled hazardous waste dumps and respond to spills

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The Comprehensive Environmental REsponse Compensation and Liability Act (CERCLA)

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Established in 1984 and governs the installation, maintenance, monitoring, and failure of underground storage tanks

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Leaking Underground Storage Tanks (LUST) Regulations

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created in 1986 - established stronger cleanup standards for contaminated sites

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Superfund Amendments and Reauthorization Act (SARA)

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Provides the backdrop for existing legislation to catch situations that do not specifically fall w/in the law.

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Common Law

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Fiduciary Duties of Agent to Client / Principal -
OLD CAR

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Obedience,
Loyalty,
Disclosure,
Confindentiality,
Accounting,
Reasonable Care and Diligence

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Duties of Principal / Client to Agent -
PIRC

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Performance, Indemnification/Information, Reimbursement
Compensation

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Fiduciary relationship between the principal and the person (agent) representing the principal is called an

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Agency

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Definitive statement of parties intentions - written or oral is what kind of agency

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Express Agency

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Actions by licensee "implies" agency - advice & opinions - person believes agency created is called an

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Implied Agency

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"For all appearances" - Third party believes that an agency relationship exists is called an

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Obstensible Agency

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Agency "after the fact" - Principal ratifies action of agent by accepting benefits

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Ratification

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Free advice & opinions can still make agent liable for wrong advice, etc. is

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Gratuitous

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All Agency relationships flow from who

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Sponsoring Broker

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Power of Attorney - Agent empowered to conduct all business and bind principal accordingly is what type of agency

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Universal

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Can perform series of certain types of transactions - Relationship: broker to salesperson is

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General

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Limited Agency - Specific things only - Relationship: Client to listing agent/buyer agent is

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Special

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Duties to Customer:

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Fair and honest treatment and FULL disclosure of all material facts

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TREC licensed individual

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Licensee

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TREC licensee who can act as an independent - can charge fee for work

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Broker

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TREC licensee who can NOT be independent - must work as agent for a broker

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Salesperson

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Broker license but works for another broker / follows other broker's rules

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Broker Associate

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Works for sponsoring broker as an agent / follows duties assigned by broker

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Sales Associate

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Broker who represents a client / Broker-Sales Associates represent broker

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Agent

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Licensee who works for another Spronsoring Broker (diff. firm) who always brings a customer (NEVER a client) to the transaction

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Subagent

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Represents Seller / Listing Agent or Listing Broker

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Seller's Agent

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Represents Buyer / Buyer's Agent / Selling Broker / Selling Agent

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Buyer's Agent

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Person who hires agent (fiduciary relationship) - interests are protected by Law of Agency. Agent must represent clients' best interest - Remember - Broker level relationship

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Client / Principal

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Person who does NOT have an agent - represents themselves - Licensee must treat honestly and fairly - but cannot give advice and opinions

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Customer / Third Party

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Can only be sponsoring broker - MUST be in writing - stays "neutral"

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Intermediary

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Appointed by Intermediary to represent client - can be more than one agent to each

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Appointed Licensee

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Agent who assists Intermediary in transaction where no appointments are made - no advice or opinions

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Non Appointed Licensee

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Broker/Agent who reprensent both sides in same transaction - remain neutral - legal if full disclosure is made - no advice or opinions

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Dual Agent

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Represent both sellers and buyers - but never in the same transaction

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Single Agency

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Will represent both buyers and sellers in the same transaction

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Intermediary / Dual Agency

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Represent buyers only - do not take listings / represent sellers.

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Exclusive Buyer Agent

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Represent sellers only - do not represent buyers.

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Exclusive Seller Agency