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Broker Pre License Course Section 5
| 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 FIVE – Property Management; Commercial Real Estate, New Construction; Preparation for Simulation Broker ExamCourse Objectives are to:
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I. Property Management (3 hours)A. Duties and obligations owed by the property manager to the owner and tenants1. Alabama license law and common law of agency B. Management agreements and leases 1. Property management agreements 2. Scope of authority 3. Termination 4. Leases C. Develop operating and capital expenditure budgets 1. The budgeting process 2. Distributions and reports D. Conduct physical preventive maintenance programs 1. Regular inspections 2. Negligence 3. Theft prevention 4. Insurance audits E. Manage operating funds and trust accounts 1. Provisions of Alabama license law II. Commercial Real Estate (3 hours)A. Economic cycles of commercial real estate1. The role of the Federal Reserve System in the local economy 2. Global economic implications for local business 3. The effect of competition and education B. Estimating income producing property values 1. Understanding risk and return 2. Utilizing the IRV formula to establish price 3. Understanding the Consumer Price Index C. Identifying the goals of investors, developers and users of commercial and industrial property 1. Types of income properties 2. Types of Commercial Purchasers D. Develop a marketing plan for sale and/or lease of income property 1. Media and materials 2. Databases 3. When to sell or rent E. Preparation of specialized commercial documentation 1. Documentation 2. Dealing with 1031 Exchanges 3. Permitting and regulatory approvals F. Analyze elements of risks and opportunities inherent in dealing in commercial property 1. No income equals little or no value 2. Comprehensive plans and zoning 3. Guarding against inflation III. New Construction (3 hours)A. Land development1. Highest and best use 2. Research 3. Public utilities / private utilities 4. Planning, zoning and permitting 5. Hazardous waste, sinkholes and wetlands 6. Development plan B. New home sales considerations 1. Builders’ expectations for sales associates 2. The reality of the business C. Construction terms and timetables 1. Stages of home or building construction 2. Blueprints 3. Systems 4. Architecture 5. Features and benefits as sales tools D. Builder relationships 1. Inventory 2. Representation E. Project marketing 1. Target market 2. Marketing / advertising plan 3. Marketing budget F. New construction contracts 1. Lot reservations 2. Sales contracts 3. Plans & specifications 4. Addendums 5. Warranty 6. Covenants and restrictions G. Servicing the sale 1. Creating value 2. Service after the sale IV. Examination Preparation (3 hours)A. Exam format1. Alternative testing questions 2. Multiple choice questions B. General test taking strategies | |
| 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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