FREE REAL ESTATE SCHOOL

That's right. If you know someone who is looking to get their Texas real estate license and meets the criteria as a spouse of someone who is serving on active duty in the military there is a new program we have just been approved by the Department of Defense to offer. Check it out: http://www.freerealestateschool.com

Dead Broker Learnin'

Another great story coming straight for the enforcement files (crypts) at the Texas Real Estate Commission. It is a repeat of a previous posting but it is so good it deserves a retelling.
This could be a movie.

“Night of the Living Broker”

“Dawn of the Broker”

It seems that a person that needed a sponsoring broker was not going to let a little thing like the death of the broker get in the way of their real estate business. This salesperson started working on their own broker’s license but needed some time to meet the Broker requirements. In this case most folks would go and find a new broker. But, not this salesperson. Why not keep renewing their DEAD sponsoring broker’s license? This salesperson even went as far as taking MCE classes for the DEAD broker. This puts a whole new spin on those who say they were bored to death during their last MCE class.


How did this agent get caught? Simple! Someone contacted TREC and I’ll paraphrase here. Did you hear about So & So dying? Well looking at the TREC record it seems that old So & So had been renewing their license from “The Other Side” for about 2 years.


To make a long story short the salesperson had by this time received their broker’s license. However, that was not going to last that long. Broker’s license REVOKED plus an $8,000 fine. There was no reference on any disciplinary action against the Dead Broker for allowing someone else to take their MCE. :)

It just goes to show you. No matter how clever you think you are, breaking the rules is going to catch up with you. Maybe, even from that great Real Estate office in the sky.

This ALERT Was Posted On The TREC Web Site June 1, 2009

Fraud Alert! - TREC has recently learned about a scam in which a person pretending to be an agency employee may call a licensee with a story about a problem with the licensee's license status. The caller then offers to resolve the problem by asking for the licensee's credit card number to make a payment by phone. DO NOT RESPOND to requests from TREC asking you to provide personal information, including credit card numbers, social security numbers, or any other identifying information. TREC does not accept any payments by phone and will never make such a request. Please remember to always carefully guard your personal data. If you receive a suspicious call from someone purporting to be from TREC, we recommend that you ask the caller for his or her name, then hang up, call TREC at the number on the website, and ask to be transferred to that person.

If you have received a suspicious call involving TREC and gave out personal information or otherwise feel your security may have been compromised, please first file a report with your local police department and then notify TREC of the situation.

Check the TREC web site at: http://www.trec.state.tx.us

The Texas Real Estate Teachers Association had their annual meeting in San Antonio April 16-18.

During the meeting there were several speakers but the topics seemed to concentrate on Mortgage Fraud including the new Federal S.A.F.E. Act and the corresponding Texas statutes currently being considered in this session of the Legislature. HB 10, HB 2774 & HB 2779.

Here are some of the highlights:

• The term Mortgage Broker and Loan officer will be replaced in the new Federal Law with "Loan Originator".
• The "license" may be issued by the State but only after they receive a "unique identifier" through the Federal Program.
• Those who do mortgage loans with Depository Institutions will have to register and those with private mortgage companies will need to be licensed.
• Real estate agents will no longer be able to use their TREC MCE courses to satisfy their Loan Originator continuing education. The only way this continuing education will work for both licenses is to have both TREC and SML accept the course.
• All mortgage licenses will expire on December 31 of each year.
• Certain attorneys who deal with loss mitigation and foreclosures will need a license.
• Everyone will have to have a new criminal background check including NEW fingerprints.
• Everyone will have to take and pass a new license exam. This includes those who obtained their license before license exams were required.
• The Texas SML is asking for an extension for the July 30, 2009 Federal deadline.

These changes will cause some problems. For more information check http://www.sml.state.tx.us/.

Here is the point that caught all of the attendees by surprise.
If the seller finances their homestead they do not need to be licensed. If the seller finances an investment home the seller must be licensed. This includes a seller second.

Fannie Mae spoke about several loan programs. Check out http://www.homepath.com/ to see available Fannie Mae foreclosed properties.

One interesting Mortgage Fraud case was where the listing broker was sentenced to 2 months for witnessing suspected mortgage fraud at the closing. That's right, if you suspect mortgage fraud and don't report your suspicions you can go to jail along with the real crooks.

This year's meeting was held at the Menger Hotel. No reports of seeing the Menger Ghost so I guess she was tired after attending the Tea Parties held the day before at the Alamo across the street. Tentative plans for next year's meeting is early April at the San Marcos Convention Center. Make your plans to attend. http://www.treta.org/.

New Energy Audit Inspection Coming To Austin, Texas In June, 2009.

In June, 2009 certain properties will require an energy audit inspection prior to the sale being closed. There are exceptions for the inspection as out lined in the City of Austin Ordinance No. 20081106-047

Beware of people offering to certify you as someone who can perform the required Energy Audits because, at the time of this posting, the Austin Energy Department has not finalized and published all the requirements. You may find that you have paid for certifications that do NOT meet all the requirements by the City of Austin. There may be additional requirements up and above a person holding the "BPI" or "RATER" certifications. The city will post the applicable rules when they are completed.

This is the basic requirement for an acceptable inspector as per the draft copy of the ordinance.

§ 6-7-5 ENERGY AUDIT REQUIREMENTS.
(A) A residential or multi-family energy audit required under this chapter must:
(1) be conducted by a person certified as a building performance analyst or equivalent by an agency approved by the director; and
(2) use the audit and disclosure forms prescribed by rule under Section 6-7-3.

If you have questions contact the City of Austin Energy Department. http://www.austinenergy.com/

For information on distance learning resources for the "RATER" or "BPI" certification contact:
Green Collar
Saturn Resource Management.

How Do Agents Rate On Professional Ethics?

For the past few years Real Estate Agents were not listed on the Gallop Ethics Poll. Well we are back. Check out the poll and see where Agents rank.

We Now Have The Highest Rating Possible.

In February the Better Business Bureau has given Capital Real Estate Training their highest rating of A+. This stands in great contrast with one of our competitors who has the lowest letter grade of F.

Check out our rating.
Check out the other guy.