Post License Course (schedule)

The goal of this course is to enable the participants to perform the operations involved in the practice of real estate in a professional manner in accordance with license law and in a manner that protects the consumer.

	The Post License Course (2005) has been designed to be taught in 8 modules for a total of 30 hours. Each module link provides specific information on GOALS, OBJECTIVES and a DETAILED OUTLINE of the subject matter to be taught.
	MODULE II - WORKING WITH BUYERS (9 HOURS)
	GOAL: The goal of this section is to enable the participants to identify the steps in working with a buyer to find property that meets the buyer' needs, write a purchase agreement and create an estimated closing cost sheet. OBJECTIVES: Participants will be able to: Explain caveat emptor to the buyer Explain the different types of agency and the appropriate time and way to disclose RECAD. Apply good communication skills while working with a buyer. Explain to a buyer the various steps and procedures involved in buying a home. Apply fair housing and antitrust laws when working with a buyer. Explain property disclosures, inspections, and financing to a buyer. Show property in a professional and courteous manner. Write a clear, unambiguous offer to purchase. Calculate a buyer' estimated closing costs. A. Initial meeting with the buyer 1. Caveat Emptor 2. RECAD [§§34-27-80 through 34-27-88; Rule 790-X-3-.13] a) Review of the concept of agency b) Discussion of transaction brokerage/buyer customer c) Discussion of buyer agency/buyer client d) Real Estate Brokerage Services Disclosure Form [§34-27-82; Rule 790-X-3-.13] e) Buyer Agency Agreement f) Limited Consensual Dual Agency Agreement g) Role play of various RECAD scenarios 3. Communication Skills a) Good questioning & listening skills b) Questioning the buyer regarding his/her wants and needs 4. Buyer presentation – Educating the buyer a) The Home Buying Process b) Financing [§34-27-36 (21)] 1) The Mortgage Process [Regulation Z] 2) Conventional, FHA, VA 3) Other types of financing 4) Getting pre-approved vs. getting pre-qualified c) Necessity of Professional Inspections (For identification purposes only, not to educate students to be experts in these fields) 1) Lead Based Paint [Federal Law: 42 U.S.C. 4852 d] 2) Home (General) 3) HVAC 4) EIFS 5) Termite letter vs. Contract 6) Well 7) Septic 8) Mold 9) Radon 10) Etc. d) Property disclosures e) Home warranties f) Surveys g) Title insurance h) The Walk Through i) The Closing Process 5. Fair Housing & ADA (Americans with Disabilities Act) a) It is not the intent, it' the effect b) Steering c) ADA d) Testing 6. Showing property a) Professional courtesies of setting appointments to show b) Taking care of the seller' property c) What to do if your showing schedule is not working out d) Tips on helping the buyer as they look at property e) Antitrust 1) Boycotting 2) Brokerage commissions f) FSBO' & other business models 1) RECAD (agency discussion appropriate here) 2) Negotiating your commission 3) Presenting the offer 4) Earnest money – who' holding the money 5) Estimated closing costs sheet [§34-27-36 (22); Rule 790-X-3-.04] 6) Ordering the documents to close B. Writing the Purchase Agreement 1. Preparing to write the purchase agreement a) Contact listing agent 1) Ask if the property is still available 2) Ask for any disclosure forms, lead-based paint or other property related documents the listing broker has on the property to be faxed or emailed. 3) Ask if there is a current termite contract on the property and, if so, get the details b) Contact qualifying broker if assistance is needed. c) Print current MLS sheet and tax records d) Have buyer contact lender, if necessary, to clarify loan information e) Gather all necessary forms to write a purchase agreement 2. Identify comparables or prepare a CMA (Competitive Market Analysis) for the buyer (agency discussion appropriate here) 3. Writing the purchase agreement (agency discussion appropriate here) [§§34- 27-8(c), 34-27-36(10)] a) Discuss how to write a clear and unambiguous offer b) Earnest money [§34-27-36 (8); Rule 790-X-3-.03] c) Addenda and exhibits d) Seller' and/or buyer' disclosures e) Contingencies 1) Types of contingencies 2) Observing/removing contingencies 4. Buyer' estimated closing costs [§34-27-36(22); Rule 790-X-3-.04] a) Preparing an estimated closing cost sheet- (Discussion of customary and reasonable charges) b) Lender' approval letter 1) Pre-qualified 2) Pre-approved c) Do' and Don' related to lenders 1) Good Faith Estimates 2) Agreements outside of closing d) Predatory Lending Practices 1) What are they? 2) How to identify predatory practices
	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.