Law of Contracts #1251
ARELLO Certified and approved by the Texas Real Estate Commission (TREC) to meet the SAE/CORE requirements for Texas real estate licensees. (learn more)
Our daily lives involve contracts of all sorts. We have contracts with banks, mortgage companies, credit card issuers, businesses that deliver goods to our homes, department stores, and so on. Many of these contracts are created and performed without a formal written document; the grocery store allows you to load your cart with food with the understanding (a contract) that you will pay for the items before leaving the store.
Real Estate transactions involve a complex set of regulations and requirements. The real estate licensee is expected to be able to complete a set of forms and agreements that will culminate in a successful real estate transaction. In this course, we will identify the key contracts and forms used in real estate, review the appropriate legal background and then distinguish the proper mechanics for completing these forms.
This course includes instruction related to the elements of a contract, offer and acceptance, the statute of frauds, specific performance and remedies for breach, unauthorized practice of law, commission rules relating to the use of adopted forms, and owner disclosure requirements.
The course outline is as follows;
Unit 1: Texas Contract Law
Unit 2: Basics of Real Estate Law
Unit 3: Introduction to Contracts
Unit 4: Ownership Rights and Limitations
Unit 5: Contracts Used in Real Estate
Unit 6: The Sales Contract
Unit 7: Contingencies, Addendums and Amendments
Unit 8: Financing Real Estate
Unit 9: Conveyance of Title
Unit 10: Transaction Process and Closing
Unit 11: Common Contract Mistakes
Students can expect numerous exercises, quizzes, case studies and the course will be completed with a cumulative final exam. All elements presented in the course are required for course completion.
Texas Real Estate Commission (TREC) rules govern the delivery of online qualifying education courses (pre-license & SAE) and must be followed by all schools.
All of VanEd’s pre-license and SAE courses have been approved by TREC, and the following sections describe how the TREC rules are implemented.
TREC mandates that you cannot receive credit for working more than 12 hours per day in any course.
This implies that a 30-hour course cannot be completed in less than 3 days from your Start Date (defined as when you first open the course). Furthermore, starting and completing more than one course within the same 3-day period is not allowed. You may work on multiple courses at the same time, however, you may not complete a course within 3 days of the completion date for any other course.
As you move through the VanEd coursework, your time spent online in the courses will be recorded, and we will notify you if additional time in the course is needed to meet the TREC requirements.
As with all VanEd courses, you have a full year from the purchase date in which to complete any course. After one year, your course enrollment will be inactivated. Reactivation for an additional year is available with fee equal to 35% of your purchase price.
Courses are divided into Topics, and TREC rules mandate an exam covering each Topic and that those exams are passed with a 100% score. Topic exams must have a minimum of 3 questions and the questions are drawn randomly from a larger pool. Topic exams may be taken multiple times without penalty.
Every course is culminated with a multiple-choice final exam which has a minimum passing score of 70%.
If you do not pass the final exam, you are required, per TREC rules, to wait 3 days before attempting the exam again, and the second attempt must be within 90 days of the first attempt. If you do not pass the second attempt, or do not complete your second attempt within 90 days, you must repeat the course in full. VanEd DOES NOT charge a fee to repeat the course in either of these circumstances.
Final Exam Proctor
The course final exam is taken online, but in the physical presence of a proctor. The proctoring procedure is simple to follow and allows you to use a wide range of individuals as your proctor. Both students and proctors will submit an affidavit to VanEd when the final is passed, after which your course completion certificates will be provided online.
Detailed proctor information and forms are available inside each course at the time of the Final Exam. Failure to follow the proctoring rules will require you to take the exam again.