In order to get real estate license in Texas, you are required to take 6 courses, each about 30 hours of work. These courses are:
- Principles of Real Estate 1
- Principles of Real Estate 2
- Law of Agency
- Law of Contracts
- Real Estate Finance
- Promulgated Contracts
I have taken Principles of Real Estate 1 & 2, and today I will take final exam for Law of Agency.
These courses are actually very informative. In fact, I think anyone buying or selling their home would benefit from these courses.
While real estate agent is supposed to educate their clients on their rights and duties, ours did not do that good of a job. There is option period to get out of the contract. Clients can fire their agent if they feel agent is not doing a good job. Of course, if they end up buying a house that the agent had shown them, then they still owe him commission.
But most importantly we had no idea about fiduciary duties. We treated our agent like a used cars salesman and assumed that he was only looking out for his commission. Legally, Real Estate agents are required to place their clients interests above their own. And if they don’t, law is usually on client’s side. In fact, being a real estate agent exposes you to constant threat of lawsuits. So agents are incentivized to look after their client’s interests. Had we known this, we would have had more open and honest discussions with our agent.
Anyways, I am taking these courses with Aceable Agent. I like their phone app, it makes really easy to study anywhere, anytime. Other schools didn’t mention anything about their apps, though Champions school seems to be highly recommended too.