A Professional is one who has specialized educational training, the purpose of which is to supply objective counsel and service to others, for a direct and definite compensation, wholly apart from expectation of other business gain. Texas courts have defined a professional as one who: 1. Engages in work involving mental or intellectual rather than physical labor, 2. Requires special education to be used on behalf of others, and 3. Earns profit that depend mainly on these considerations.
Becoming a Texas Real Estate Professional involves a significant investment in time, energy, and money. Maintaining your license also involves a significant investment in time, energy, and money. Education is the key component to professionalism; and Education is a Journey, not a Destination.
Professionals are often subject to standards of care and ethical obligations promulgated either in law or by their membership in professional associations. In addition, certain real estate professionals are considered “fiduciaries” with additional obligations and duties to their clients, which includes the duty of competency.
Professionals such doctors, attorneys and accountants obtain their professional status through specialized education. The Texas Real Estate Professional is no different. All of these professions require continuing education in order to maintain their license. The ability to provide advice, judgment, or opinions, to others require a professional be current and up-to-date, about important information in their industry.
Educating and familiarizing yourself with the most common types of complaints made against real estate professionals may help you recognize and hopefully avoid similar situations.
The ten most common claims include:
1. Fraud/ Fraudulent Inducement
2. Breach of Duty;
3. Breach of Contract;
4. Negligence / Negligence Per Se
5. Bodily Injury / Property Damage;
6. Misrepresentation regarding the Condition of the Property;
8. Earnest / Escrow Money Dispute;
9. Misrepresentation regarding Flooding, Leaks and Termites, and
10. Misrepresentation regarding the Value/Size
This website is designed to help the Texas Real Estate Professional keep current on recent trends and development for the real estate industry in Texas. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. I invite you to contact me and welcome your calls, letters and electronic mail. Contacting me does not create an attorney-client relationship. Please do not send any confidential information to me until such time as an attorney-client relationship has been established.