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  • Real Estate Exam [Texas] 21, The Broker-Lawyer Committee

    Real Estate Exam [Texas] 21, The Broker-Lawyer Committee
    2026/05/06
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The Broker-Lawyer Committee consists of 13 members: 6 brokers appointed by TREC, 6 lawyers appointed by the State Bar president, and 1 public member appointed by the governor. - The committee's sole purpose is to draft and revise standardized contract forms for use by real estate licensees. - This committee acts only in an advisory role to the Texas Real Estate Commission (TREC). - A critical exam distinction: The committee drafts and recommends forms, but only TREC has the authority to promulgate (approve and mandate) them. - The Broker-Lawyer Committee holds no power to enforce rules, investigate complaints, or discipline licensees. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 分
  • Real Estate Exam [Texas] 20, TREC Promulgated Forms Overview

    Real Estate Exam [Texas] 20, TREC Promulgated Forms Overview
    2026/05/05
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Why TREC's primary goal with promulgated forms is public protection and preventing the unauthorized practice of law. - The critical difference between an addendum (used before signing) and an amendment (used after signing). - That using promulgated forms is mandatory for Texas license holders whenever a relevant form exists for the transaction. - The key exceptions to mandatory use, including forms prepared by property owners, attorneys, or required by government agencies. - A mnemonic to recall the exceptions: "Agents Are Protected when Government has No Form" (Agent as principal, Attorney, Property owner, Government, No form exists). For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 分
  • Real Estate Exam [Texas] 19, Agent Disclosure Duties

    Real Estate Exam [Texas] 19, Agent Disclosure Duties
    2026/05/04
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - An agent’s independent duty to disclose known material facts overrides a seller's instructions. - The specific requirements for the federal lead-based paint disclosure for all homes built before 1978. - The consequences for failing to provide a Municipal Utility District (MUD) notice before a contract is signed. - Key disclosure rules for Public Improvement Districts (PIDs) and properties in coastal areas. - A simple mnemonic, L-M-P-C, to remember the major statutory disclosures tested on the Texas exam. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    4 分
  • Real Estate Exam [Texas] 18, Seller's Disclosure Exemptions

    Real Estate Exam [Texas] 18, Seller's Disclosure Exemptions
    2026/05/03
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The seven major categories of transactions exempt from the Seller's Disclosure Notice in Texas. - The critical distinction between a property sold 'as-is' and a seller who is legally exempt from disclosure. - That an agent's duty to disclose known material facts persists even when the seller is exempt. - How sales of new, unoccupied homes by a builder represent a key exemption tested on the exam. - A simple mnemonic, 'Courts, Kin, and Construction,' to recall the most common exemption scenarios. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 分
  • Real Estate Exam [Texas] 17, Seller's Disclosure Notice

    Real Estate Exam [Texas] 17, Seller's Disclosure Notice
    2026/05/02
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - When the Texas Seller's Disclosure Notice is required for 1-4 unit residential properties and the key exceptions tested on the exam, such as new homes and foreclosures. - That sellers must disclose all known material defects, even if a defect has been previously repaired, and that an 'as is' clause does not eliminate this duty. - The buyer's seven-day unconditional right to terminate the contract after receiving the disclosure notice, if it was delivered after the contract's effective date. - That if the seller never provides the disclosure, the buyer retains the right to terminate the contract at any point before the closing. - Common exam traps, including the relationship between the 'as is' clause and the non-waivable duty to disclose known property conditions. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 分
  • Real Estate Exam [Texas] 16, Buyer Representation Agreements

    Real Estate Exam [Texas] 16, Buyer Representation Agreements
    2026/05/01
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The key difference between an exclusive and non-exclusive buyer representation agreement and how it impacts commission. - The essential elements required for a buyer representation agreement to be valid and enforceable in Texas. - How broker compensation is structured within the agreement, including who pays and what happens when commissions differ. - The rules surrounding the termination of an agreement and the buyer's potential liability. - How the protection period (safety clause) works, and the critical step an agent must take to enforce it. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    4 分
  • Real Estate Exam [Texas] 15, Types of Listing Agreements

    Real Estate Exam [Texas] 15, Types of Listing Agreements
    2026/04/30
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - With an Exclusive Right to Sell listing, the broker earns a commission regardless of who finds the buyer. - An Exclusive Agency listing allows the seller to find their own buyer without having to pay a commission. - An Open Listing is a non-exclusive agreement where only the broker who is the procuring cause of the sale earns the commission. - Net listings are a major exam trap in Texas because they create a conflict of interest and are functionally prohibited. - The key distinction tested on the exam is whether the broker gets paid if the owner finds the buyer themselves. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 分
  • Real Estate Exam [Texas] 14, Intermediary With Appointments

    Real Estate Exam [Texas] 14, Intermediary With Appointments
    2026/04/29
    This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - An intermediary broker with appointments must remain neutral and cannot provide advice to the buyer or seller. - Appointed agents are permitted to provide advice and opinions to the party they are appointed to represent. - Acting as an intermediary requires written consent from both parties, followed by written notice of the appointments. - Confidential information given to an appointed agent is protected and must not be disclosed to the other party or the intermediary broker. - A key exam trap is confusing the neutral role of the broker with the advisory capacity of the appointed agents. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
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    3 分