Course
Topic | Textbook
Page
| Class
|
1.
Listing Property
|
A. Listing
| |
| 1.
Legal
description of property |
"Ch. 2, Pg.
18" |
2 |
| 2.
Calculation
of lot size |
"Ch. 2, Pp.
28-29" |
2 |
| 3.
Calculation
of physical dimensions of structure |
"Ch. 18,
pg.326" |
10 |
| 4.
Appurtenances (e.g., easements and water rights) |
"Ch. 2, Pg.
17" |
2 |
| 5.
Utilities
(types and availability) |
Class Lecture |
10 |
| 6.
Determine or
obtain type of construction |
"Ch. 24, Pg.
457" |
13 |
| 7.
Encumbrances
(e.g., liens, encroachments, restrictions) |
"Ch. 3, Pp.
37-43" |
2 |
| 8.
Compliance
with building codes |
Ch. 24, Pg.
457" |
13 |
| 9.
Ownership of
record |
"Ch. 6, Pp.
92-96" |
3 |
| 10.
Homeowners
association documents and expenses |
"Ch. 23, Pp.
437-440" |
12 |
| 11.
Brokerage
fee |
"Ch. 20, Pp.
378-380" |
11 |
| 12.
Property
taxes |
"Ch. 15, Pp.
264-268" |
9 |
B.
Assessment of Property Value
| |
| 1.
Location |
"Ch. 18, Pg.
321" |
10 |
| 2.
Anticipated
changes (e.g., zoning and use) |
"Ch. 15, Pp.
267-268" |
9 |
| 3.
Depreciation |
"Ch. 18, Pp.
327-329, 333" |
10 |
| 4.
Deterioration (e.g., physical) |
"Ch. 18, Pg.
328" |
10 |
| 5.
Obsolescence
(e.g., usefulness, outdated characteristics) |
"Ch. 18, Pg.
329" 10 " |
10 |
| 6.
Improvements
(e.g., additions) |
"Ch. 15, Pp.
268-270" |
9 |
| 7.
Economic
trends |
Class Lecture |
10 |
| 8.
Market data |
"Ch. 18, Pg.
316" |
10 |
C.
Services to the Seller
| |
| 1.
Responsibilities of the licensee and the listing firm |
"Ch. 20, Pg.
378" |
11 |
| 2.
Explain the
concept of property subdivision |
"Ch. 2, Pg.
26 & 29" |
2 |
| 3.
Inquire
about hidden defects known by the owner |
"Ch. 21, Pp.
408-409" |
11 |
| 4.
Information
about required disclosures (e.g., lead based paint) |
"Ch. 8, Pg.
133 Ch. 21, Pp. 406-409" |
4 |
| 5.
Property
included in and excluded from sale (e.g., land, minerals, water, crops,
fixtures) |
"Ch. 2, Pg.
14 & 17" |
2 |
| 6.
Personal
property and real property differences |
"Ch. 2, Pg.
14" |
2 |
| 7.
Net proceed
estimation |
Math Review |
5 |
| 8.
Completion
of listing agreement, provision to seller, explanation |
"Ch. 20, Pp.
378-380" |
11 |
| 9.
Determination that parties holding title have signed listing agreement |
Class Lecture |
14 |
| 10.
Explain
showing of the house and ways to safeguard property |
Class Lecture |
14 |
| 11.
Describe
methods of marketing property |
Class Lecture |
14 |
| 12.
Presentation of offers to the seller |
"Ch. 7, Pg.
111" |
4 |
| 13.
Property
tax information |
"Ch. 15, Pp.
264-268" |
9 |
| 14.
Develop and
maintain transaction files AL Law |
Class Lecture |
|
| 15.
Deed restrictions and covenants |
"Ch. 24, Pg.
458" |
13 |
| 16.
Forms of
ownership interests in real estate, issues related to conveyance of
real property. |
"Ch. 4, Pp.
56-63" |
3 |
| 17.
Fair
housing laws |
"Ch. 22, Pp.
417-422" |
12 |
| 18.
Comparative
market analysis - sales comparison approach |
"Ch. 18, Pg.
317" |
10 |
| 19.
Comparative
market analysis - income derived from property use |
"Ch. 18, Pp.
329-333" |
10 |
| 20.
Independent
appraisal necessity |
"Ch. 18, Pp.
334-340" |
10 |
| 21.
Determine
when inspections are necessary |
Class Lecture |
14 |
| 22.
Non-ownership interests in real property (e.g., leasehold interests of
tenants) |
"Ch. 17, Pg.
304" |
9 |
| 23.
Planning
and zoning (e.g., variance, zoning changes, and special study zones
such as floods and geological hazards) |
"Ch. 24, Pp.
453-457" |
13 |
2.
Selling Property
|
A. Services to the Buyer
| |
| 1.
Relationship
and responsibilities of licensees and selling firm to buyer |
Class Lecture |
4 |
| 2.
Rights of
ownership (e.g., bundle of rights) |
"Ch. 3, Pp.
36-48" |
2 |
| 3.
Types of
ownership (e.g., joint tenancy and tenancy in common) |
"Ch. 4, Pp.
56-63" |
3 |
| 4.
Determination of buyer's price range and eligibility for various types
of financing |
Class Lecture |
6 |
| 5.
Identification of property that meets buyers needs and specification |
Class Lecture |
14 |
| 6.
Current
market conditions |
Class Lecture |
14 |
| 7.
Review and
choose properties to show to prospective buyers |
Class Lecture |
14 |
| 8.
Characteristics of property |
"Ch. 18, Pg.
340" |
10 |
| 9.
Material
facts concerning property (e.g., taxes, zoning, building codes, and
other land use restrictions) |
Class Lecture |
3 |
| 10.
Physical
condition of property (e.g., defects and environmental hazards) |
Class Lecture |
14 |
| 11.
Psychological impact related to property (e.g., murder or suicide) |
Class Lecture |
14 |
| 12.
Income tax
implications of home ownership |
"Ch. 15, Pp.
270-273" |
9 |
| 13.
Tax
implications for real estate investments |
"Ch. 25, Pp.
464-471" |
|
| 14.
Required disclosure statements |
"Ch. 21, Pp.
408-410" |
11 |
| 15.
Sales
contract forms and provisions, including contingencies |
Class Lecture |
4 |
| 16.
Recommendation that buyer seek legal counsel |
Class Lecture |
4 |
| 17.
Preparation
of offers and counteroffers |
Class Lecture |
4 |
| 18.
Presentation of offers and counteroffers |
"Ch. 7, Pp.
111-112" |
4 |
| 19.
Planning
and zoning (e.g., variance, zoning changes, and special study zones
such as floods and geological hazards) |
Class Lecture |
13 |
| 20.
Availability of home protection plans (e.g., home warranties) |
Class Lecture |
14 |
| 21.
Need for
insurance (e.g., fire, hazard, liability) |
"Ch. 16, Pg.
287" |
9 |
| 22.
Policy for
complying with fair housing laws |
"Ch. 22, Pg.
422" |
12 |
B.
Advising Buyers of Outside
Services
| |
| 1.
Inspection
reports |
Class Handout |
14 |
| 2.
Survey
reports |
Class Handout |
14 |
| 3.
Appraisal
reports |
"Ch. 22, Pg.
427" |
12 |
| 4.
Environmental reports |
Class Lecture |
14 |
3.
Property Management
|
A. Leasing and Management
| | |
| 1.
Negotiation of property management agreements |
Class Lecture |
9 |
| 2.
Negotiation
of lease agreements used in property management |
Class Lecture |
9 |
| 3.
Preparation
of rental and lease agreements |
"Ch. 17, Pp.
304-305" |
9 |
| 4.
Explanation
of rental and lease agreements |
"Ch. 17, Pp.
305-308" |
9 |
| 5.
Methods of
marketing property |
Class Lecture |
9 |
| 6.
Rental
market evaluation |
Class Lecture |
9 |
| 7.
Disclosure
of material facts to lessee |
Class Lecture |
9 |
| 8.
Obtaining
tenants |
Class Lecture |
9 |
| 9.
Showing
property to prospective tenants |
Class Lecture |
9 |
| 10.
Occupancy
terms |
Class Lecture |
9 |
| 11.
Applicant
screening according to laws and regulations |
Class Lecture |
9 |
| 12.
Complaints
and conflict resolution among tenants |
Class Lecture |
9 |
| 13.
Prorating
of rents and leases |
"Ch. 16, Pg.
288" |
9 |
| 14.
Operating
budgets |
Class Lecture |
9 |
| 15.
Trust
accounts |
"Ch. 21, Pg.
400" |
11 |
| 16.
Financial
statements for owners |
Class Lecture |
14 |
| 17.
Income,
expenses, and rate of return |
Class Lecture |
14 |
| 18.
Environmental and safety hazards |
Class Lecture |
14 |
| 19.
Compliance
with federal requirements (e.g., ADA, fair housing, lead-based paint
disclosures) |
Class Lecture |
12 |
| 20.
Eviction
proceedings |
"Ch. 17, Pg.
310" |
9 |
| 21.
Maintenance
and repair management |
Class Lecture |
9 |
| 22.
Fees,
security deposits, and rent |
"Ch. 17, Pp.
308-309" |
9 |
| 23.
Insurance
coverage to protect tenant and owner |
Class Lecture | 14 |
4.
Settlement/Transfer of Ownership
|
A. Tax Issues
| |
| 1.
Tax
implications of interest expenses |
"Ch. 15, Pg.
274" |
9 |
| 2.
Real
property taxes |
"Ch. 15, Pp.
264-269" |
9 |
| 3.
Tax shelters |
"Ch. 25, Pg.
465" |
13 |
| 4.
Capital
improvements |
"Ch. 15, Pp.
270-271" |
9 |
| 5.
Property
taxation (e.g., ad valorem, special assessments) |
"Ch. 15, Pp.
264-269" |
9 |
| 6.
Tax deferred
exchange |
1031
Web Page |
9 |
B.
Titles
| |
| 1.
Need for
title search |
"Ch. 6, Pg.
93" |
3 |
| 2.
Title
insurance (e.g., owner and mortgagee) |
"Ch. 6, Pg.
96" |
3 |
| 3.
Title
problems |
"Ch. 6, Pg.
96" |
3 |
| 4.
Legal
procedures (e.g., quiet title, foreclosure, bankruptcy, declaratory
judgment) |
"Ch. 6,
Pp.100-101" |
3 |
| 5.
Preparation
of title abstracts |
"Ch. 6, Pp.
95-96" |
3 |
| 6.
Liens and
order of priority (e.g., mortgages, trust deeds, construction/mechanics
liens, judgments by court) |
"Ch. 3, Pp.
41-43" |
2 |
| 7.
Importance
of recording |
"Ch. 6, Pg.
89" |
3 |
C.
Settlement Procedures
| |
| 1.
Purposes and
procedures of settlement |
"Ch. 16, Pg.
280 & 282" |
9 |
| 2.
Obligations
of settlement agent |
"Ch. 16, Pp.
282-284" |
9 |
| 3.
Calculations
regarding proration/prepayment |
"Ch. 16, Pp.
287-290" |
9 |
| 4.
Warranties
associated with deeds (e.g., grant, quitclaim) |
"Ch. 5, Pp.
69-77" |
3 |
| 5.
Settlement
statement (HUD-1 form) |
"Ch. 16, Pg.
296" |
9 |
| 6.
Other
settlement documents (e.g., deed, bill of sale, note, deed of trust |
"Ch. 16, Pp.
281-284" |
9 |
| 7.
Real Estate
Settlement Procedures Act |
"Ch. 16, Pg.
295" |
9 |
| 8.
Transfer tax |
"Ch. 15, Pg.
275" |
9 |
D.
Completion of the Transaction
|
|
| 1.
Negotiations
between buyers and sellers leading to an agreement |
"Ch. 8, Pg.
134" |
4 |
| 2.
Contract
requirements and fulfillment of contingencies leading to closing |
"Ch. 16, Pp.
280-284" |
9 |
| 3.
Federal
statutory requirements (related to closing procedures) |
"Ch. 16, Pg.
284" |
9 |
| 4.
Rights of
home ownership (e.g., homestead, rights of husband and wife) |
"Ch. 5, Pp.
81-82" 3 " |
3 |
| 5.
Rights of
others related to property (e.g., adverse possession, adjoining owners,
encroachments) |
"Ch. 5, Pp.
79-81" |
3 |
| 6.
Nature and
types of common interest ownership (e.g., condominium, planned unit
development, cooperative, townhouse) |
"Ch. 23, Pp.
436-448" |
12 |
| 7.
Eminent
domain proceedings |
"Ch. 3, Pp.
34-35" |
2 |
| 8.
Legal
proceedings against property (e.g., attachments and notice of pending
legal action) |
"Ch. 9, Pg.
158" |
4 |
| 9.
Determine if
securities law applies and provide referrals |
Class Lecture |
10 |
| 10.
Situations
where experts are required (e.g., financial planning and legal advice) |
Class Lecture |
10 |
| 11.
Closing
statements (e.g., calculate amount owed by buyer and net to seller) |
"Ch. 16, Pg.
282" |
9 |
5.
Financing A. Sources of Financing
|
A. Sources of Financing
| |
| 1.
Institutional (e.g., savings and loans, banks, mortgage brokers) |
"Ch. 13, Pp.
223-241" |
6 |
| 2.
Seller
financing (e.g., land contract, purchase money mortgage) |
"Ch. 13, Pp.
224-229" |
6 |
| 3.
Assumption
of financing |
"Ch. 14, Pp.
253-254" |
6 |
| 4.
Other
sources of financing |
"Ch. 13, Pg.
229" |
6 |
B.
Types of Loans
|
|
| 1.
Security for
loans (e.g., trust deeds, land contracts, mortgages) |
"Ch. 9, Pp.
161-163" |
4 |
| 2.
Repayment
methods (e.g., adjustable rate mortgage, fully/partially/nonamortized,
renegotiated rate |
"Ch. 11, Pp.
183-189" |
5 |
| 3.
Forms of
financing (such as FHA, VA, FmHA, conventional loan) |
"Ch. 11, Pp.
182-199" |
5 |
| 4.
Secondary
mortgage markets (e.g., Fannie Mae, FHLMC, GNMA) |
"Ch. 13, Pp.
230-236" |
6 |
| 5.
Other types
of mortgage loans (e.g., wraparound, blanket, package) |
"Ch. 14, Pp.
248-257" |
6 |
| 6.
Down payment
assistance programs |
"Ch. 14, Pp.
250-253" |
6 |
C.
Terms and Conditions
| |
| 1.
Compliance
with provisions of federal regulations (e.g., Truth-in-Lending Act,
Equal Credit Opportunity Act) |
"Ch. 22, Pp.
414-428 TIL: Ch.12, Pg. 204" |
12 |
| 2.
Loan
origination costs (appraisal fee, credit reports, points) |
"Ch. 11, Pg.
189" |
5 |
| 3.
Lender
requirements (e.g., property insurance, escrow, deposits, underwriting
criteria) |
"Ch. 16, Pp.
280-298" |
9 |
| 4.
Conditional
approval |
"Ch. 24, Pg.
456" |
13 |
| 5.
Default |
"Ch. 8, Pg.
131" |
4 |
| 6.
Foreclosure
and redemption rights |
"Ch. 9, Pp.
156-159" |
4 |
| 7.
Nonrecourse
provision |
"Ch. 25, Pg.
467" |
13 |
D.
Common Clauses and Terms in Mortgage Instruments
| |
| 1.
Clauses and
terms in mortgage (e.g., prepayment, interest rates, release,
due-on-sale, subordination) |
"Ch. 9, Pp.
150-156" |
4 |
| 2.
Escalation |
"Ch. 17, Pg.
308" |
9 |
| 3.
Acceleration |
"Ch. 9, Pg.
150" |
4 |
6.
Professional Responsibilities/Fair Practice/Administrative
|
| 1.
Complete and accurate records of business transactions |
Class Lecture |
7 |
| 2.
Keep
informed of market trends, availability of financing, rates, and
conditions of obtaining credit |
Class Lecture |
10 |
| 3.
Resolving
misunderstandings among parties to real estate transactions |
Class Lecture |
10 |
| 4.
Commissions
from sales of real estate |
Class Lecture |
10 |