About MREP, Texas

Modern Real Estate Practice in Texas, 15th Edition

Although the real estate industry is making rapid technological changes, a basic knowledge of real estate laws, practices, and terminology is still essential for anyone desiring to enter the field. Modern Real Estate Practice in Texas by Cheryl Peat Nance, now in its 15th edition, is the recognized authority for accurate, comprehensive information in a reader-friendly format.  Whether you are preparing for a state licensing examination, fulfilling a college or university requirement, looking for specific information about buying a home or an investment property, or simply expanding your understanding of this fascinating field, you can rely on Modern Real Estate Practice in Texas. This book covers all of the topics required by the Texas Real Estate License Act to be included in a Principles of Real Estate core course, with both national and state-specific content. In addition to helping you prepare to enter the real estate industry, this book can become an integral part of your professional reference library when you start to work.

This is a great time to get into the industry; you have an opportunity to train and get experience for the really busy times ahead. In addition, Texas may be just the market in which to begin. Texas became the United States’ second-largest economy during the last decade (displacing New York state) with our share of the U.S. Economy reaching 8.3 percent in 2010 (Dennis Cauchon, USA Today, June 21, 2011). For the last three years, Texas has been ranked as the number-one or number-two “America’s Top State for Business,” according to a CNBC study that scored each state on 40 different measures of competitiveness.

Today’s real estate market is challenging and complex, and real estate students are increasingly sophisticated, demanding a high level of expertise and efficiency. The 15th edition of Modern Real Estate Practice in Texas meets those expectations. In response to the growing body of laws that govern the practice of real estate, this edition contains revisions and features designed to make it an even more effective tool, no matter what your goal. This edition contains revisions brought about by the 82nd Texas Legislative Session in 2011 as well as changes in state and federal government regulations and industry practice and procedure. In addition, the book has been enhanced by

■ “hot issues” such as green initiatives, mortgage foreclosure, short sales, and mortgage fraud;

■ examples to illustrate key concepts and provide real-life explanations for further clarification of real estate principles;

■ math concepts at relevant points in the chapters—where they would normally occur in a transaction—to help illuminate the real-life application of the mathematics of real estate;

■ a basic real estate math primer, Chapter 19;

■ margin notes to help direct attention to important vocabulary terms, concepts, study tips, and related news;

■ a “Getting a Real Estate License” appendix which includes the license application process, tips for selecting a broker, passing the state exam—plus a 100-question practice state exam; and

■ detailed rationales for the answers to end-of-chapter review questions; rationales are available through the link provided on this site.


The fundamental goal of Modern Real Estate Practice in Texas is to help students understand the dynamics of the real estate industry and to assist them in preparing for the licensing exam. This book provides the tools necessary to develop a foundation for advanced study in the general practice of real estate or in any one of the real estate specialties. To derive the maximum benefit from this book, become familiar with the key terms listed at the beginning of each chapter and the definitions included in the Glossary. The questions at the end of each chapter provide an opportunity to apply the principles presented in the text.


Modern Real Estate Practice in Texas was originally adapted from the classic text, Modern Real Estate Practice by Galaty, Allaway, and Kyle (1959), which has provided more than 3 million readers with a critical edge as they enter the world of real estate. Permission to use the material in Modern Real Estate Practice has been granted to the author of this 15th Edition of Modern Real Estate Practice in Texas.

The 24 chapters herein cover the broad subject of real estate, together with real estate law and operating procedures that apply to the State of Texas. Real estate practice in each state is controlled by federal laws and regulations as well as the respective state laws, regulations, and court decisions. Additionally, the practice of real estate in any specific location in Texas may be influenced by local agencies, bureaus, and organizations such as county and city governments or local real estate associations.

Statements of law in the book and on this Web site are general summaries that are not intended to substitute for experienced legal counsel. Unique situations require specific application of the law. Therefore, this book—and this Web site—should  be used only as a general guideline and not as a final statement of the law on any given matter. The authors and editors assume no responsibility for any errors, omissions, or inadvertent misinterpretations of the law.


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