§ 6.1General Considerations Concerning Loan Transactions
In many of the loan transactions that are the subject of this manual, a seller or third party (lender) lends a buyer (borrower) all or a portion of the purchase money for real or personal property. The borrower usually executes a note promising to pay the lender. In the case of real property, the borrower usually executes a deed of trust encumbering the real property to secure the loan. If the loan is secured by personal property only, a security agreement and financing statement typically are also executed. If the real estate includes fixtures and personal property, the lender may include a security agreement and financing statement in the deed of trust to protect its interest in all the property related to the real estate. The forms in this chapter are intended for transactions such as these, but they may be modified as appropriate to fit other types of loans.
For mechanic’s lien transactions, the mechanic’s lien note (form 20-2 in this manual) should be used. The mechanic’s lien note is discussed in section 20.4:3.
For home equity loans, the home equity extension of credit (form 11-2) should be used instead of the note in this chapter.
The deed of trust to encumber real estate is discussed in chapter 8. The security agreement and financing statement are discussed in chapter 9, and modifications that may be made to the deed of trust to include a security agreement and financing statement are discussed in sections 8.11 through 8.11:2 and clause 8-9-10. In many loan transactions, in addition to the promissory note, there will be a separate loan agreement that includes details of the transaction. Promissory notes frequently refer to a separate loan agreement. See clauses 6-6-10 and 6-6-11. A separate loan agreement is included in this manual. See form 10-17.
The standard form (form 6-1 in this chapter) contains provisions most commonly used in promissory notes: the borrower’s unconditional promise to pay a sum certain to the lender; a description of events constituting defaults under the note and the lender’s right to accelerate the balance of the note on the occurrence of a default; the borrower’s waiver of the right to require the lender to give notices and demands otherwise required by law; a usury savings clause; and the borrower’s agreement to pay costs and reasonable attorney’s fees resulting from legal action seeking enforcement or payment. See F.R. Hernandez Construction & Supply Co. v. National Bank of Commerce, 578 S.W.2d 675, 677 (Tex. 1979) (contractual attorney’s fees).
Texas law has long “held that an installment of interest past due becomes principal, and bears interest, without any express stipulation to that effect.” Bothwell v. Farmers’ & Merchants’ State Bank & Trust Co., 30 S.W.2d 289, 291 (Tex. 1930); see Bair Chase Property Co. v. S&K Development Co., 260 S.W.3d 133, 142 n.5 (Tex. App.—Austin 2008, pet. denied). The language in form 6-1 matches the common law of Texas and provides that interest commences and continues on any part of an installment that is not timely paid when due.
In a Chapter 13 bankruptcy, the word maturity may be limited to meaning only the last date to pay the entire obligation. See Indian Cave Park Partnership v. Hence, 255 F. App’x 28 (5th Cir. 2007). As a result, for a Chapter 13 debtor, a bankruptcy court may permit the debtor to stretch out (perhaps over the full five years of a plan) payment of the arrearage amount due on the date the bankruptcy case is filed. (The arrearage is the due and unpaid amount at the bankruptcy filing, other than that due because of acceleration.)
Although form 6-1 contains an express waiver of the borrower’s right to notices and demands that might accompany default proceedings, many attorneys attempting to enforce or collect on notes choose to give written notice to borrowers of certain actions and intentions—for example, notice of default, notice of intention to accelerate maturity, and notice of acceleration of maturity. Even though they obtain a waiver, these attorneys do not rely on the waiver and instead view it more as a safeguard to protect lenders from the complications of minor technicalities than as a license to foreclose without notice or demand on borrowers who might be unaware of default proceedings. Notwithstanding any express waiver in the note or other security instruments, certain notices regarding foreclosure under a power of sale conferred by a deed of trust or other contractual lien must be served on the debtor. See Tex. Prop. Code § 51.002; Tex. Bus. & Com. Code §§ 9.601, 9.602, 9.604(c). The statute of limitations for enforcing the obligation to pay the note runs from the due date of any such payment or, if the due date is accelerated, from the accelerated due date. Tex. Bus. & Com. Code § 3.118.
A notice-of-default clause may be added to require the lender to give the borrower notice of default and allow the borrower a period of time to cure the default. See clause 6-6-8 for an example of a notice-of-default clause.
Promises to pay, such as the standard promissory note, may constitute “negotiable instruments” as defined by the Texas Uniform Commercial Code. See Tex. Bus. & Com. Code § 3.104. Transferees of negotiable instruments enjoy many benefits, including the possibility of being deemed a “holder in due course.” See Tex. Bus. & Com. Code § 3.302. Certain terms added to the note may render it nonnegotiable. Determining negotiability is beyond the scope of this manual. For provisions of the Texas Uniform Commercial Code affecting negotiability, see Tex. Bus. & Com. Code §§ 3.101–.207.
A promissory note is a component of a “loan agreement” as defined in the Texas Business and Commerce Code statute of frauds for loan documents and requires the notice prescribed therein. See Tex. Bus. & Com. Code § 26.02. The notice of final agreement, form 10-14, may be used to satisfy the statutory requirements.
§ 6.1:2Note Secured by Real Property
Parties may wish to secure a loan with real estate, such as a loan to purchase real estate or a refinance of a real estate secured loan. In these instances the promissory note not only serves as evidence of the debt but also defines the terms of payment and, with the deed of trust, the rights and responsibilities of the parties. A deed of trust is usually used to document the lien on the real estate that secures the note. Security-for-payment clauses, used to describe the deed of trust, are found in form 6-5 in this chapter.
An unsecured promissory note evidences a debt and the borrower’s promise to pay the debt according to stated terms without collateral to secure the debt.
§ 6.1:4Note Secured by Personal Property
If the note is secured by personal property only, a security agreement and financing statement usually are used to document and perfect the lien that secures the note. If the note is secured by a lien on real and personal property, the deed of trust may include a security agreement and financing statement. Security-for-payment clauses, used to describe the security agreement, are found in form 6-5 in this chapter.
Texas usury law is complicated, technical, and beyond the scope of this manual. Most promissory notes contain a “usury savings clause,” and one is included in form 6-1 in this chapter. Such a clause is intended to protect against unintentional violations of usury law. However, a usury savings clause may not protect against all usury claims, such as where a note is usurious “on its face.” See Nevels v. Harris, 102 S.W.2d 1046 (Tex. 1937).
An extension of credit may be subject to the Truth in Lending Act and its accompanying Regulation Z. See the discussion of this subject in chapter 12 in this manual. No forms are provided in the manual for variable-interest-rate loans.
Interest may be imputed to a loan under provisions in the Internal Revenue Code if the interest rate chosen by the parties is lower than the minimum rate required by applicable provisions of the Code. See 26 U.S.C. § 7872.
Certain terms added to the note may render it nonnegotiable. Determining negotiability is beyond the scope of this manual. For provisions of the Texas Uniform Commercial Code affecting negotiability, see Tex. Bus. & Com. Code §§ 3.101–.207.
The borrower wishing to borrow under an unsecured note should be wary of future or other indebtedness clauses commonly used in deeds of trust, security agreements, and other collateral documents. If the borrower has executed loan documents with the same lender in the past, the lender might rely on any future and other indebtedness clauses in prior loan documents to secure a subsequent note.
§ 6.2:6Consistency among Documents
Because several documents may be required for a loan transaction, provisions among the various documents must be consistent. See, e.g., Mathis v. DCR Mortgage III Sub 1, LLC, 389 S.W.3d 494 (Tex. App.—El Paso 2012, no pet.). For example, the promissory note and the deed of trust may both have an express waiver of notice of default, or a loan agreement and a promissory note may both address prepayment rights. The attorney should review all documents carefully to be sure the provisions are consistent. A “conflicts” clause may be added to state which document will control if a conflict between provisions arises. See clause 6-6-12 in this chapter for an example of a conflicts clause.
§ 6.2:7Consumer Loans under Texas Finance Code Chapter 342
Texas Finance Code chapter 342 regulates loans made by lenders in the business of making, arranging, or negotiating loans subject to the chapter if the interest exceeds 10 percent per year; the loan is extended primarily for personal, family, or household use to a person located in the state at the time the loan is made; and the loan either is not secured by a lien on real property or is a secondary mortgage loan secured by a lien on real property improved by a dwelling designed for occupancy by four or fewer families and is subject to one or more prior liens. Tex. Fin. Code § 342.005. A lender in the business of making, arranging, or negotiating loans regulated by chapter 342 must obtain a license from the Texas Office of Consumer Credit Commissioner (the OCCC) unless the lender is a bank, savings bank, savings and loan association, credit union, or a residential mortgage loan originator licensed under Finance Code chapter 156. Tex. Fin. Code §§ 124.005, 339.004, 341.103–.104, 342.051. Unless exempt under Finance Code section 180.003, an individual who acts as a residential mortgage loan originator in the making, transacting, or negotiating of a secondary mortgage loan subject to chapter 342 must be individually licensed under chapter 342, be enrolled with the Nationwide Mortgage Licensing System and Registry as required by section 180.052, and comply with other applicable requirements of the Texas Secure and Fair Enforcement of Mortgage Licensing Act of 2009. Tex. Fin. Code ch. 180.
Finance Code section 341.502 provides that “[a] contract for a loan under Chapter 342, a retail installment transaction under Chapter 348, or a home equity loan regulated by the Office of Consumer Credit Commissioner must be . . . written in plain language designed to be easily understood by the average consumer.” See Tex. Fin. Code § 341.502(a). The Finance Commission of Texas is authorized to adopt model contracts for loans subject to that section. A lender may not use a contract other than a model contract unless the lender has submitted the contract to the OCCC for its approval. If the OCCC issues an order disapproving a submitted contract, the lender may not use the contract after the order takes effect. Tex. Fin. Code § 341.502(c). Plain-language model contracts and related rules for second-lien home improvement loans are codified at 7 Tex. Admin. Code §§ 90.601–.604.
The Texas attorney general has determined that section 341.502(a) is applicable only to those loan transactions for which the consumer credit commissioner is the appointed regulating official and has no application to loan transactions subject to the regulatory authority of the banking commissioner, the savings and mortgage lending commissioner, the credit union commissioner, and federal regulatory officials. Tex. Att’y Gen. Op. No. JC-0513 (2002). Banks, savings and loan associations, and credit unions accordingly are not required to comply with the section 341.502 “plain language” contract requirements or to obtain a license to engage in the business of making subordinate lien loans subject to chapter 342. Tex. Fin. Code § 342.051(c)(1). These institutional lenders nevertheless are thought to be subject to other substantive law provisions of chapter 342, including, for example, the limitations of that chapter on the collection of authorized fees and charges, as enforced policies of their respective regulatory agencies. See Tex. Fin. Code §§ 342.308, 342.502.
Before using the promissory note forms contained in this chapter of the manual for a loan subject to chapter 342 of the Finance Code, the attorney should determine whether the lender is subject to the plain-language model contract provisions of Finance Code section 341.502. The forms contained in this chapter have not been submitted to or approved by the OCCC.
If the attorney decides that the forms contained in this chapter may nevertheless be used for a loan regulated by chapter 342 of the Finance Code, the forms still must be modified to comply with the requirements of that chapter. For example, there are limits on the enforcement fees that may be collected from a borrower. See Tex. Fin. Code §§ 342.307, 342.502. The third paragraph of the note form, form 6-1 in this chapter, concerning attorney’s fees should be replaced in its entirety with clause 6-6-14 for a loan under subchapter E of chapter 342 (that is, an installment loan not secured by a lien on real property) and replaced by clause 6-6-15 for a secondary mortgage loan subject to subchapter G of chapter 342.
When the promissory note is signed by more than one party, the nature of the liability of the signers may be an issue. For example, a party who cosigns the promissory note as a maker but does not receive any of the proceeds of the loan is an “accommodation party” and is primarily liable on the note as a borrower. See Tex. Bus. & Com. Code § 3.419(a), (b). The rights of an accommodation party, however, differ from those of a true comaker. See, e.g., Tex. Bus. & Com. Code § 3.419(f). If a party signing the promissory note does not intend to have full liability as a comaker, the note should specifically so indicate. See section 6.4:4 below for language indicating an intent to be a guarantor.
§ 6.3Instructions for Completing Form
§ 6.3:1Borrower’s Mailing Address
Under certain circumstances, the lender may be required to give certain notices to the borrower. As a result, the parties should confirm the exact address for mailing. This will eliminate the possibility that the borrower may not receive any notices and avoid questions about whether the lender properly gave any required notice.
The attorney may want to provide under “Place for Payment” not only the address, city, county, and state stipulated by the lender but also the phrase “or any other place that Lender may designate in writing.” This phrase permits the lender to change the place of payment.
If the parties intend that interest will begin accruing at a time different from the date of the note, they should modify the form accordingly. If, for example, the note will be funded after it has been signed, the heading “Annual Interest Rate” could be modified to read “Annual Interest Rate on Unpaid Principal from Date of Funding, which is [date].”
Descriptions of variable interest rates necessarily include terms of payment that govern the conditions for changing the rates. Variable interest rate provisions usually relate to an index rate, such as the prime rate of interest as published by the Wall Street Journal on a particular date; however, other indexes are commonly used. An index rate should be well defined in the note and a provision for a replacement rate’s selection should be included. The use of variable rates may require some modification of the note form. One suitable alteration for this purpose is to delete the heading for interest and modify the heading “Terms of Payment” to read “Terms of Payment, Including Variable Interest Rate on Unpaid Principal.” Examples of variable rates appear as clauses 6-2-17 and 6-2-18 in this chapter.
A conspicuous variable-rate disclosure must be made if credit extended primarily for personal, family, or household use includes a variable interest rate and if federal truth-in-lending disclosures are not made because the amount of the credit exceeds $25,000 and the credit is not secured either by personal property (for example, a manufactured home) used as the principal residence of the debtor or by real property. See Tex. Fin. Code § 303.015(c). See clause 6-6-16 for an example of the statutorily required variable-rate disclosure.
The promissory note form may be adapted to variable-interest-rate loans, although only clauses 6-2-17 and 6-2-18 in this chapter are drafted for variable rates.
§ 6.3:5Prepayment and Application of Prepayment Clauses
If the borrower will have the right to make prepayments on the note, a clause from form 6-3 in this chapter should be added to the note, and a clause from form 6-4 should be added to govern application of that prepayment. If the borrower will not have a right of prepayment at any time, clause 6-3-10 may be added after the payment clause to avoid controversy.
The purpose of the yield maintenance clause, clause 6-3-9, is to allow the lender or holder of the note, on prepayment of the note, to receive the same yield as provided in the note.
If security for the note consists of real property with an express vendor’s lien retained in the deed and a deed of trust, the security clause should identify the relevant documents, name the trustee, and describe the property. An abbreviated legal description or the full legal description from the deed and deed of trust may be used. A suitable clause is a straightforward statement followed by the property description. See clause 6-5-1 in this chapter.
If the note is secured only by real property without a vendor’s lien, the security clause should identify the deed of trust, name the trustee, and describe the property. See clause 6-5-2. If the borrower does not own the property, the security clause should not recite that “Borrower” has executed the deed of trust; rather it should identify by name the parties who are to sign that document. See also the discussion in section 8.2:1 in this manual.
If the note is secured by both real property and personal property, the security clause should describe both types of security. If the deed of trust and security agreement are in separate documents, clause 6-5-4 should be used. If any borrowers shown on the note did not also execute the deed of trust or any separate security agreement, clause 6-5-4 should be modified as suggested in the preceding paragraph.
Clause 6-5-3 is appropriate if the deed of trust also includes the security agreement and the collateral consists of real property and other property, such as fixtures or personalty. If the deed of trust covers both real property and personal property, the lender may proceed against both the real and personal property by foreclosing on the deed of trust. Tex. Bus. & Com. Code § 9.604(a). For a discussion of corresponding provisions to be inserted in the deed of trust in this event, see sections 8.11 and 8.11:2 and the related clauses in form 8-9.
Clause 6-5-5 is appropriate if the security interest is created not in the deed of trust but in a separate security agreement. If the borrower defaults, the personal property collateral covered by the separate security agreement must be sold according to the terms of the security agreement and the Uniform Commercial Code rather than as part of the realty foreclosure sale administered by the trustee.
If another note serves as security, the clause should indicate whether that note is unsecured or secured by other liens described in the clause.
Caution: There is no requirement that the note include a description of the collateral securing the note. The practitioner should remember that the security-for-payment clauses do not, by themselves, create or perfect a lien or security interest. A lien must be created in a separate document, such as a deed of trust or a security agreement.
Practitioners should also take care to use security-for-payment clauses consistently. The use of the clause in one transaction and the failure to use the clause in another transaction, both of which are intended to be secured, may cause an ambiguity or a conflict between the documents.
Additional clauses that may be useful in the promissory note, such as second lien, wraparound loan, late charge, guaranty, notice of default, nonrecourse, reamortization, conflicts, and choice-of-law clauses, appear in form 6-6 in this chapter.
If the lien securing the note is subordinate to a lien in the real or personal property securing an earlier note, insert one of the optional clauses 6-6-1, 6-6-2, or 6-6-3 in this chapter. Additionally, if the loan is a secondary mortgage loan, the attorney’s fee clause should be modified. See section 6.2:7 above and section 8.4 in this manual for a discussion of issues related to second liens.
If the promissory note is part of a wraparound loan transaction, insert clause 6-6-4 in this chapter. The principal amount of the promissory note for a wraparound loan transaction will include the amount due under a prior note that will remain outstanding and secured by a first-lien mortgage. The borrower under the wraparound note makes one payment to the lender or the holder of the wraparound note. The lender or holder of the wraparound note continues to make the payments on the prior note, using part of the payments received from the wraparound note.
The wraparound note should be structured so that the payments are due before payments are due on the prior note. The maturity date of the prior note should be before the maturity date of the wraparound note, so as to afford the borrower some degree of assurance that by the time the wraparound note is paid, the prior note will be paid and the lien securing the note will be released.
Caution: The borrower should be advised of risks associated with wraparound notes. Generally the borrower will not receive notice of a default under the first-lien mortgage before foreclosure by the lender or holder of the prior note.
A more detailed discussion of wraparound notes is beyond the scope of this manual. For a general discussion of wraparound loan transactions, see sections 8.3 through 8.5:4 in this manual.
A late charge may be included, but it should be determined that it is not usurious. See Texas Finance Code chapters 302, 342, and 347 for usury provisions.
Texas courts have consistently held that whether a charge is actually interest is a fact question to be determined from all the circumstances. A late payment charge is generally considered interest, because it is a charge for “detention” of money. See Tex. Fin. Code § 301.002(a)(4); see also Dixon v. Brooks, 604 S.W.2d 330, 333 (Tex. App.—Houston [14th Dist.] 1980, writ ref’d n.r.e.). But see RIMCO Enterprises, Inc. v. Texas Electric Service Co., 599 S.W.2d 362, 366 (Tex. App.—Fort Worth 1980, writ ref’d n.r.e.). A loan primarily for business, commercial, investment, agricultural, or other similar purposes is a commercial loan. Tex. Fin. Code § 306.001(5). For a commercial loan, a late charge of up to 5 percent of the amount of an installment that is past due by not less than ten days may be assessed in addition to interest. Tex. Fin. Code § 306.006(1). Late charges for a secondary mortgage loan are authorized by Tex. Fin. Code § 342.302. If a late charge complies with either of these provisions of the Finance Code, the late charge is an authorized additional charge or additional interest that is not added to other interest for usury purposes. If a late charge does not comply with either of these provisions, it generally will be considered interest for usury purposes. See Butler v. Holt Machinery Co., 741 S.W.2d 169 (Tex. App.—San Antonio 1987) (opinion corrected on denial of rehearing, 739 S.W.2d 958); Talbert v. First National Bank, 664 S.W.2d 126 (Tex. App.—Tyler 1983, writ ref’d n.r.e.). Late charges for certain secondary mortgage loans may not exceed interest at the maximum contract rate for the period the installment is not paid. See Tex. Fin. Code § 342.305. See section 8.4 in this manual for a definition of a secondary mortgage loan and the requirements of such loans. A clause assessing a late charge should, therefore, be used cautiously. See clause 6-6-5. Late charges for first-lien residential real property loans that are subject to the federal preemption of state usury limitations are interest and therefore are also within the federal preemption and thus not subject to state usury limitations. Tex. Fin. Code § 302.103.
If the parties wish to have a third party guarantee the promissory note and do not wish to execute a separate document, use clause 6-6-6 in this chapter. For a stand-alone guaranty form, see section 10.13 and form 10-15 in this manual. As a surety, a guarantor is entitled to certain notices and defenses. See, e.g., Tex. Civ. Prac. & Rem. Code ch. 43. Clause 6-6-6 contains the same kinds of waivers as are found in the stand-alone guaranty form.
Alternative default clauses for secured notes and unsecured notes are found in form 6-1 in this chapter.
A time for cure is not included in the note at form 6-1. If the borrower desires to receive notice and opportunity to cure any default before the lender accelerates the debt, the second paragraph of the default clauses and the section titled “Waivers” in form 6-1 should be replaced with clause 6-6-8.
In a nonrecourse transaction, the lender’s right to recover judgment against the borrower for the debt evidenced by the note is negated, and the lender may proceed only against the collateral. Notes executed in these transactions must include a nonrecourse provision. A note may also provide for partial recourse. See clauses 6-6-18, 6-6-19, and 6-6-20 in this chapter.
The reamortization clause allows the unpaid principal balance to be reamortized if the proceeds of a casualty or condemnation are applied to prepay a portion of the unpaid principal balance. See clause 6-6-9 in this chapter. A change in the interest rate due to a variation of the index rate may also necessitate a reamortization of the payments due under the note.
When the lender and the borrower execute a promissory note and a loan agreement, additional provisions may be necessary to harmonize the note with the loan agreement. A note may be one of several promissory notes executed under a loan agreement, or it may be desirable simply to recite that the note is executed under the loan agreement. In other cases, a “conflicts” clause may be necessary to address conflicting provisions of the note and loan agreement. This provision gives one instrument effect over the other to the extent of the conflict. See clause 6-6-12 in this chapter.
A choice-of-law provision is found at clause 6-6-13 in this chapter.
§ 6.4:10Fair Credit Reporting Act
Any financial institution that extends credit to an individual and regularly and in the ordinary course of business reports negative information to a credit bureau must give its individual customers a clear and conspicuous written notice about reporting negative information. See 15 U.S.C. § 6809. A financial institution complies with the notice requirement if the institution uses a model notice promulgated by the Board of Governors of the Federal Reserve System. There are two model notices: one that may be used before reporting negative information to a credit bureau and one that may be used after reporting negative information to a credit bureau. See clauses 14-7-2 and 14-7-3 in this manual for examples of these notices. If the financial institution chooses to give the notice in its initial loan documentation or related communication, the first form of notice should be given. The model form may be included with the note. This form of notice is found in clause 6-6-17. See section 2.95 in this manual.
The concept of spreading allows for the calculation of interest for usury purposes to be made over the stated term of the loan, rather than at any particular point in time during the loan. See, e.g., Tex. Fin. Code § 302.001. In certain loans, this can mitigate the effect of fees and charges made or collected at the beginning of the loan term. Spreading is expressly authorized for commercial loans and for consumer loans secured by real property. Tex. Fin. Code §§ 302.101, 306.004. Spreading is not statutorily permitted for consumer loans not secured by real property. A form of spreading provision is included as clause 6-6-21 in this chapter.
§ 6.5:1Deed of Trust and Security Agreement
If the note is secured by a lien on real estate, a deed of trust, described in chapter 8 in this manual, or a security agreement and financing statement, described in chapter 9, or both, will be necessary. The deed of trust creates a lien on real property and enables the holder to enforce the lien by nonjudicial foreclosure. A security agreement is necessary to create or secure a lien against personal property and enable the holder to enforce the lien. See chapter 9 for a discussion of security agreements. The note may also be secured by a mechanic’s lien. See form 20-1 for a mechanic’s lien contract.
By using form 6-7 in this chapter the lender discloses to a cosigner of a note the obligations the cosigner is assuming and the resulting potential liability. For consumer loans, banks (excluding savings banks that are members of the Federal Home Loan Bank System) must inform a cosigner of a note of the cosigner’s liability on the note before the cosigner becomes obligated. See 16 C.F.R. § 444.3. The cosigner’s execution of a disclosure statement substantially similar to form 6-7, in a separate document or included in the note, is sufficient to comply with this regulation, which prohibits unfair or deceptive acts or practices. This regulation does not apply to real estate purchase-money loans but applies to other obligations secured by real estate.
Nolan, John M., and Edward A. Peterson. 1 Texas Annotated Real Estate Forms: Promissory Note. State Bar of Texas, 2015.
St. Claire, Frank A., and William V. Dorsaneo III. Texas Real Estate Guide. New York: Matthew Bender & Co., 2001.
Thalheimer, Jonathan. “LIBOR: The Long Life and Untimely Demise of The World’s Most Important Number.” In Advanced Real Estate Strategies Course, 2020. Austin: State Bar of Texas, 2020.