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Broker Pre License Course Section 3
| This course is designed to prepare a real estate licensee for the responsibilities involved in performing the duties of a real estate qualifying broker in Alabama, including; legal aspects of brokerage, business administration of a company, knowledge of important documents, training and supervision of agents, and other significant areas of real estate brokerage and management. | ||
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The
Broker Pre License Course (2007) has been designed to be taught in 5 Sections
for a total of 60 hours. Each Section link provides specific
information on, OBJECTIVES and a DETAILED OUTLINE of the subject
matter to be taught.
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SECTION THREE – Listing & Buyer Agency Agreements; Sales Contracts; Offers & Counteroffers; Finance & RESPACourse Objectives are to:
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I. Listing and Buyer Agency Agreements (3 hours)A. RECAD - OverviewB. Agency agreements 1. Buyer representation 2. Seller representation C. Listing agreements 1. Residential and commercial 2. Land and new construction 3. Other II. Document Preparation Sales Contract for Buyers and Sellers (4 hours)A. Sales contract preparation1. Residential and commercial 2. Land and new construction B. Disclosure documents required by law 1. Alabama RECAD documentation 2. Lead based paint 3. Affiliated business agreements 4. Personal interests and relationships C. Other Prevalent Forms 1. Seller’s and Buyer’s Disclosure 2. Inspection Addenda/Walk Through 3. Others D. Estimated closing statements [§34-27-36(a)(22) and Rule 790-X-3-.04] 1. Estimated proceeds at closing for sellers 2. Estimated closing costs for buyers E. Closing Documentation III. Presenting or Negotiating Offers and Counteroffers (2 hours)A. Alabama law requirementB. Agency considerations 1. When acting as a transaction broker 2. When acting as an agent C. Seller and buyer presentations 1. Explain, without advising or advocating, the contents of the offer 2. Explain, without advising or advocating, the consequences of changing the offer or countering D. Seller and buyer negotiations 1. Explain, acting as an agent, the contents of the offer 2. Explain, acting as an agent, the consequences of changing the offer or countering 3. Using a CMA to advise seller or buyer about current market price E. Multiple offers F. Backup offers G. FSBOs & other business models H. Potential problems IV. Finance (3 hours)A. Types of financingB. Understanding financing between accepted offer and closing C. Understanding the HUD-1 or Settlement Statement D. Qualifying clients (pre-qualifying vs. pre-approval) E. Documentation for in-house mortgage broker F. Good faith estimate vs. estimate of closing costs G. RESPA H. Predatory lenders I. Flipping property J. Mortgage loan fraud | |
| Back to Broker Pre License Course Page | ||
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Central Alabama Real Estate Academy was issued a Private School License by the State of Alabama Post Secondary Education license #1220-1 on May 3, 2004, and granted official approval as a real estate school by the Alabama Real Estate Commission, school code #76477 on May 11, 2004. The first course of instruction, 60 - Hour Pre-License Course, began the first part of June 2004 with continuing education courses being taught throughout the summer of 2004. |
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