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Valuation, Disclosure, Fair Housing, and Property Management
This chapter brings together the practical skills of estimating value, complying with disclosure and fair housing laws, and managing property. Agents use market data to help price listings, must avoid discriminatory practices, and often assist with rentals and investment property. Fair housing and environmental rules carry serious penalties, so compliance is essential. Statutory amounts and protected classes can vary by jurisdiction and change over time.
Approaches to Value
Appraisers and agents estimate value using established approaches suited to different property types. Agents prepare a comparative market analysis to help price listings, which is not a formal appraisal. Choosing the right approach depends on the property.
Sales comparison approach
Values a property by comparing recent sales of similar properties with adjustments; most common for single-family homes.
Cost approach
Value equals the cost to build new minus depreciation plus land value; best for new or special-purpose property.
Income approach
Converts net operating income into value using a capitalization rate; used for rental and commercial property.
CMA vs. appraisal
A comparative market analysis helps set a list price but only a licensed appraiser can perform a formal appraisal for lending.
Principles Affecting Value
Value is shaped by economic principles and by different forms of depreciation. Recognizing these helps agents explain why properties are worth what they are. Depreciation can come from inside or outside the property.
Progression and regression
A lower-value home benefits from higher-value neighbors (progression); a higher-value home is dragged down by lower-value neighbors (regression).
Physical deterioration
Loss of value from wear, aging, or damage; may be curable or incurable.
Functional obsolescence
Loss from outdated design or poor layout within the property, such as an obsolete floor plan.
External obsolescence
Loss from negative off-site factors like nearby nuisances; generally incurable because the cause is outside the property.
Fair Housing Law
Federal and state fair housing laws prohibit discrimination and specific unfair practices in housing. Agents must understand protected classes and avoid conduct that limits housing choice. Violations carry significant penalties and license consequences.
Protected classes
The federal Fair Housing Act covers race, color, religion, national origin, sex, disability, and familial status; some state and local laws add more.
Steering
Illegally directing buyers toward or away from areas based on a protected class.
Blockbusting
Inducing sales by suggesting that members of a protected class are moving into the area.
Redlining
A lender's illegal refusal to lend in certain areas based on their racial or ethnic composition.
Disclosure and Environmental Concerns
Agents and sellers must disclose known material information and comply with environmental laws. Certain hazards trigger specific federal requirements. Proper disclosure protects consumers and reduces liability.
Seller's Disclosure Notice
For most Texas residential property, sellers disclose known conditions and defects based on actual knowledge.
Lead-based paint
Federal law requires disclosure and a pamphlet for most housing built before 1978, plus an opportunity to test.
Radon and other hazards
Radon is a naturally occurring radioactive gas that can accumulate indoors; asbestos and mold are other common concerns.
Texas homestead
Protects a primary residence from many creditors and reduces taxable value; specific amounts are set by law and can change.
Property Management and Leases
Many agents manage rental property or help investors, acting as the owner's agent. Managers must protect the owner's investment while following the law, including fair housing and accessibility. Lease types allocate expenses differently.
Manager's duty
Act as the owner's fiduciary to protect the investment and maximize return within the law.
Gross lease
Tenant pays fixed rent and the landlord covers most operating expenses; common in residential rentals.
Net and percentage leases
In a net lease the tenant pays some expenses; a percentage lease adds rent based on retail sales.
ADA accessibility
Public accommodations must remove barriers where readily achievable and provide reasonable accessibility.
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