According to the Texas Real Estate Commission (TREC), every property manager has to undergo 180 classroom hours in training prior to sitting for the real estate licensing examination. The following are classes each property manager has to successfully complete:
Principles of real estate I: whereby one has to become familiar with basics involved in property transfer as well as their role in real estate transaction (Texas Work Force Commission, 2018). This implies that each individual has to have knowledge on the essentials necessary to enable know how to work within the industry. It simply is an overview of the requirements for one to become a property manager in Texas and also serves as an introduction to the real estate practices.
Principles of real estate II:
whereby it is a continuation of the previous class but details on how one can acquire a property management license and aspects of property conveyance (Texas Work Force Commission, 2018). Coverage on issues to do with national, state and local real estate laws are dealt with.
Law of Agency: it entails all legal matters associated to being a property manager in Texas (Texas Work Force Commission, 2018). It also provides crucial information concerning the fiduciary role performed by property managers, authority as real estate agent, listing procedures, procedures involved in buying and disclosure.
Law of Contracts: it entails issue like but not limited to being informed about the different parts of a contract, what is entailed in acceptance, how breach is dealt with and signs of fraud.
Promulgated contract forms: the class will help one know how such forms of contract laws can be used along other unauthorized practices.
Real estate finance: it usually considered as the pre-license class and it helps prepare one have the ability to discuss financial options as well as be assistance to buyers to link up with trustworthy lenders.
Real estate brokerage: is a compulsory course done two years of applying for a property management license. It entails learning every aspect of managing a brokerage including selection and training of personnel.
Exam required
For every course taken, all course material has to be completed, the minimum time requirement has to be met and one has to pass the practice exam. Sixty questions are usually offered in every final exam per course and one has to attain a minimum of 70% to have a pass.
Continuing education requirements
All property managers are always expected to continue with their education so as to keep their licenses active (Texas Work Force Commission, 2018). Moreover, there are usually a variety of elective courses on the management of property, commercial real estate as well other related topics which can be obtained either online or in person.
Responsibilities of property managers over staff
According to the state law, the property manager is expected by law to take part in the Texas state unemployment tax program. Therefore they are responsible for their staff through reporting staff wages as well as payment of the of the unemployment tax based as stipulated on the Texas Unemployment Tax Act (TUCA) (Texas Work Force Commission, 2018). Property managers are also expected to report new hires as per the federal and state law. Information about any new staff is to be forwarded to the Employer New Hire Reporting Operations Center (ENHR) in the Texas Office of the Attorney General within the first twenty days since they first got the employment (Texas Work Force Commission, 2018).
Property manager is responsible for their staff through authorization of an agent to act on behalf of the employer. For any staff to be appointed as an agent to represent property managers business in all matters with TWC, the managers have to submit in writing an Authorization to Represent Employing Unit (Form C-42) (Texas Work Force Commission, 2018). As a result, the staff will have access to every information In TWC’s records concerning their employer. The employer can as well inform TWC to mail every correspondence and quarterly tax reports to their staff address. Additionally, the member of staff makes submissions of necessary reports and contribution under their own signatures. They will get to take part in unemployment benefit claimant which are carried out by TWC concerning the employer’s account of behalf of the property manager (Texas Work Force Commission, 2018). The member of staff also has the powers to revoke a Written Authorization initially filed and approved by the Texas Workforce Commission.
For anyone to qualify as staff, the property manager has to ensure the following criteria is met.
Have attained 18 years and above
Is to be an American citizen or have been admitted into the country lawfully
They must be legal residents residing in Texas.
Must have fully completed 150 hours of class that have been specified by the Texas Real Estate Commission. Moreover, they must have completed four semester hours in either main courses or courses that are related and are acceptable to the commission.
Must have submitted their fingerprints for background investigation about them to be conducted.
References
Texas Work Force Commission. (2018). Responsibilities of a Liable Employer — Texas Workforce Commission. Retrieved from https://twc.texas.gov/businesses/responsibilities-liable-employer#masthead
