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What exactly do they teach at real estate school? Everything but real estate?

3,508 Views | 13 Replies | Last: 2 yr ago by agdaddy04
itsyourboypookie
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10:06a, 6/26/21
Agents all the time hate on us investors that buy direct from seller.

But I've never had an agent track down heirs for a AOH. Or be able to properly explain chain of title.

I've seen agents quote Texas property code 93, when property code 92 governs residential leases when it comes to abandoned property at a rental.

But not understanding what the word equity means? What do they actually teach in school?



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hph6203
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3:26p, 6/26/21
AG
Equity means something different these days.
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plowboy1065
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6:33p, 6/26/21
S
RE schools does not teach anyone how to actually buy or sell properties. The qualifications to getting a license has to be the most simple licensing process in the state and I would bet it's tougher to get a cosmetology license. I just had an agent who's been licensed for just over a year argue with me on the minerals for a property I have listed. Wanted to know how I could sell a property and have a clear title without the seller owning all the mineral estate.
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The Lost
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7:12p, 6/26/21
isnt this more of a question for a lender than the RE agent?

But yes her answer is also dumb
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valtosca
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9:09p, 6/26/21
AG
In the realtor's defense it was not a terrible answer for 3:57 A.M.! I'm a Realtor and while I get your perspective I'd probably respond worse than that agent at that hour! Haha!
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Redstone
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6:12p, 6/27/21
AG
Diversity, Inclusion, and Equity are an essential aspect of ALL licensure training. Only an understanding of BIPOC history and needs matters more.

I'm not sure what the issue is.

As to the implication about the "need" for realtors: buying direct is Problematic, as is for car dealerships. Lobbying of state legislators - consistently and heavily - should tell you of the importance of the "middle person."
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johnnyblaze36
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In reply to plowboy1065 • 6:34p, 6/27/21
AG
plowboy1065 said:
RE schools does not teach anyone how to actually buy or sell properties. The qualifications to getting a license has to be the most simple licensing process in the state and I would bet it's tougher to get a cosmetology license. I just had an agent who's been licensed for just over a year argue with me on the minerals for a property I have listed. Wanted to know how I could sell a property and have a clear title without the seller owning all the mineral estate.
Your first sentence is extremely accurate while your second is flat out ridiculous.

I happen to have gotten a driver's license and my LTC and both were far easier than taking 180 hours of real estate course work plus Legal I and Legal II and then the state and national exams. That's just two licenses off the top of my head.

You just happened to have encountered an idiot of which there are many in real estate and every other sector of life.
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TxAG#2011
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9:13p, 6/27/21
The education requirements are a complete joke honestly. Those classes are so freaking easy and only a complete moron could fail the sales license test.

Makes literally zero sense why we have such stringent requirements for things like law and accounting but real estate is so easy.
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380Ag
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7:14p, 6/28/21
AG
You are going to have to do the math on this one for me...
There is no time element when it comes to establishing equity in real estate.
Equity is the market value of real property, less the amount of existing liens
So unless I'm missing something, she has 100% equity in her property. Whether that is more or less than the $32,000 she paid is up in the air.
How she should access her funds, up to 80% in Texas, is a better question for a lender.

I'm not a broker, or defending her or attacking you. Just asking for details I am missing.
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combat wombat™
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8:52p, 6/28/21
AG
I am guessing the realtor did not read carefully enough to see that the person who posted not said they were going to be paying cash.
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plowboy1065
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In reply to johnnyblaze36 • 10:20p, 6/28/21
S
johnnyblaze36 said:
plowboy1065 said:
RE schools does not teach anyone how to actually buy or sell properties. The qualifications to getting a license has to be the most simple licensing process in the state and I would bet it's tougher to get a cosmetology license. I just had an agent who's been licensed for just over a year argue with me on the minerals for a property I have listed. Wanted to know how I could sell a property and have a clear title without the seller owning all the mineral estate.
Your first sentence is extremely accurate while your second is flat out ridiculous.

I happen to have gotten a driver's license and my LTC and both were far easier than taking 180 hours of real estate course work plus Legal I and Legal II and then the state and national exams. That's just two licenses off the top of my head.

You just happened to have encountered an idiot of which there are many in real estate and every other sector of life.


The only thing hard about the state RE license is the hours you have to take to sit for the test. Everything up to the point of the exams is all open book test
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Furlock Bones
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In reply to combat wombat™ • 10:49a, 6/29/21
AG
combat wombat said:
I am guessing the realtor did not read carefully enough to see that the person who posted not said they were going to be paying cash.
this could be 1 of 2 things. a really, really dumb realtor or more likely one that quickly read a text message and saw $32K and assumed that's a small down payment and not the entire property price.

really think the op is reaching to dump on realtors of which i am not.

to add the ridiculous OP, i have seen more stupid bull**** from "investors" (guys and gals that took a weekend course in wholesaling) than any realtor in the last 5 months.
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jja79
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8:52a, 6/30/21
AG
I'm working on loans for two clients that were to have closed today June 30. The properties went under contract June 3 and June 4. Both are using the same title company and on June 17 the title company emailed me to ask when they will be getting a request for title. I had no idea either property was under contract. Neither the listing agent nor selling agent on either transaction called me or emailed me the executed contract. I'm surprised the buyers didn't either but shouldn't Day One of RE school mention you get the contract to the lender?
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Gigem_94
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10:05p, 7/14/21
AG
It amazes me how few realtors really know what a title
Commitment is and the importance of understanding them and the exceptions listed (assuming anyone actually reads them) - much less being able to explain to a buyer.
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agdaddy04
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In reply to 380Ag • 1:41a, 7/16/21
AG
380Ag said:
You are going to have to do the math on this one for me...
There is no time element when it comes to establishing equity in real estate.
Equity is the market value of real property, less the amount of existing liens
So unless I'm missing something, she has 100% equity in her property. Whether that is more or less than the $32,000 she paid is up in the air.
How she should access her funds, up to 80% in Texas, is a better question for a lender.

I'm not a broker, or defending her or attacking you. Just asking for details I am missing.

Pretty sure OP is a dude.
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