May 2, 2018 | PDH Real Estate

Kansas 60-Hour Pre-License Course

30-Hour Principles of Real Estate

I. Real Property
Real Estate Activities:

Describe real estate activities
- Identify real estate professions
- Define residential, commercial, investment
- Identify primary brokerage activities
- Define specializations
- List skills & knowledge needed
- Identify major professional organizations
- Identify regulated areas
- List general areas of license law

Elements of Real Property:

Define elements of real property
- Distinguish categories of real property
- Define land and real estate,
- Identify the bundle of rights,
- Define air, surface, subsurface &water rights,
- Identify areas of government & judicial regulations

Methods of Legal Description:

Define the methods of legal description
- Describe the metes and bounds method,
- Interpret a metes and bounds description,
- Describe the rectangular survey method,
- Identify ranges, tiers and townships,
- Identify sections of a township,
- Calculate acreage of fractions of a section,
- Describe a section fraction,
- Interpret a rectangular survey description,
- Describe the recorded plat method,
- Describe the use of elevation reference points

Estates in Real Property:

Define estates in real property
- Define interests & estates in land,
- Distinguish freehold from leasehold estates,
- Describe types of fee simple estate,
- Describe types of life estate,
- Describe types of leasehold estate

Forms of Ownership:

Define the forms of ownership
- Define sole ownership,
- Define & distinguish forms of co-ownership,
- Describe how joint tenancy is created,
- Define the mechanics of an estate in trust,
- Identify the features of a land trust,
- Define condominium ownership,
- Define cooperative ownership,
- Define time-share ownership

Transfer/Alienation of Real Property:

Defines, list & describe processes of voluntary transfer AND define, list & describe processes of involuntary transfer
- Distinguish legal &equitable title,
- Define actual and constructive notice,
- Describe components of a deed of conveyance,
Identify types of deed,
Describe characteristics and elements of deeds
- Identify types of will,
- Describe probate processes,
Define warranties
Describe assurances of title
- Define title & title records

Land Use Controls:

Define public land use controls
- Describe the goals and process of land use planning,
- Describe the zoning & zoning appeals process,
- Define the types of zone,
- Describe the process of taking by eminent domain,
- Describe the major environmental legislation,
Describe the major types of private land use control

Encumbrances:

Define encumbrance
Identify types and priority of liens
- Describe the types of lien,
- Define lien priority,
- Describe foreclosure processes
Describe easements
- Define deed restrictions
Define encroachment

II. Government Controls and Laws Affecting Real Estate

Real Property Tax Computations:

Perform basic tax calculations
- Identify taxing entities
- Describe ad valorem taxation

Income Tax Considerations and Computations:

Owner-occupied property
- Describe the investment characteristics of real estate
Investment property
- Identify investment entities,
- Describe the tax treatment of real estate investments
- Perform basic real estate investment analysis and tax calculations
Other income tax considerations
- Refinance
- Capital gains on sale

Federal Fair Housing & ADA:

Identify and describe the fair housing laws & fair financing laws
Identify fair housing and financing problem areas for real estate agents
Identify and describe aspects of the American with Disabilities Act

III. Valuation and Appraisal

Types of value
- Define real estate value
Principles of value
- Describe economic foundations of real estate value
- Identify major types of value
Influences on value
- Define market value
Describe approaches to value
- Define comparative market analysis
Describe the appraisal process
- Define appraisal
- Perform basic calculations used in appraisal
- Identify regulated appraisal activities and professional standards

IV. Real Estate Finance

Financing components
- Define mortgage financing
- Calculate loan financial components
- Describe the underwriting & loan application processes
Sources
Describe the primary & secondary mortgage markets
Elements/Provisions
- Describe loan transactions
- Calculate the loan amount for which a borrower qualifies
Loan Types
- Describe common loan types and structures
Instruments
- Notes
- Identify major elements of mortgages
- Identify major elements of deeds of trust
Lender Requirements
Truth in Lending
- Describe the major laws that affect mortgage lending
Other Financing Issues

V. Settlement/Closing

Settlement Procedures
- Describe the process of a real estate closing
Documents
- Identify and calculate taxes due at closing,
- Complete a closing statement
RESPA
- Describe the requirements of RESPA
Closing Costs/Pro-rations
- Define buyer’s & seller’s debits and credits
- Define and calculate pro-rations

VI. Contracts/Agency

Agency:

Agency Relationships and Responsibilities
- Define the agency relationship
- Describe the fiduciary duties of agency
Types/Characteristics
- Identify the forms of real estate agency
Elements/Requirements
- Describe the rules of agency disclosure
- Identify problem areas for real estate agents

Listing Contracts:

Types
- Identify the types of listing agreement
- Identify the basic provisions of a listing agreement
- Describe the basis of listing agreements in contract and agency law
Rights and Obligations of the Parties
- Describe how an agent fulfills an agreement and earns compensation
Specific Property Data
Termination/Expirations

Purchase/Sales Contract:

Purchase/Sales Contract:
- Describe the characteristics and provisions of a contract for sale,
- Describe the characteristics and provisions of an option-to-buy contract,
- Describe the characteristics of a contract for deed
Disclosures
- Property
- Agency
- Environmental
- Federal Fair Housing

Property Management Contracts:

Management contracts
- Describe the major functions of the property manager
- Identify the nature and components of a management agreement
- Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers
- Describe elements of various lease types of most interest to a property manager

Lease/Rental Agreements:

Leases/Rental Agreements
- Identify the principal types of leasehold estates,
- List the rights & obligations of landlord and tenant,
- List the legal requirements of a lease contract,
- Describe major lease clauses,
- Define the major types of lease,
- Define default and termination,
- Describe the areas regulated by URLTA

BRRETA:

Brokerage Relationships in Real Estate Transactions
- Define terms found in BRRETA
- Describe agency agreements
- Illustrate misrepresentation
- Define what licensees can’t do
- Describe exclusive right to sell
- Define ‘who is doing what and for whom’
- Describe licensee duties
- Describe compensation
- Define termination of relationships

VII. Duties and Powers of the Kansas Real Estate Commission

Duties and powers of KREC
- Identify general powers and duties
- Describe membership
Examination of records
- Describe examination of records
Investigations, hearings, and appeals
- Describe investigations, hearings, and appeals

VIII. Kansas Licensing Requirements

Activities requiring a license
- Identify activities requiring a license
Exemptions from licensure
Qualifications, examinations, denial of license
Nonresident license
Restricted license
Corporations, partnerships, associations, and LLCs
Temporary license
Renewal of license
Education requirements
Change in license
Deactivated “inactive” license

IX. Requirements Governing Activities of Licensees

Prohibited acts
- Describe prohibited acts and penalties for violations
Place of business and company names
- Define place of business and company name
Handling of trust funds and accounts
- Describe handling of trust funds and accounts
Records
- Describe record maintenance
Recommending legal advice
- Illustrate recommending legal advice
Reporting requirements
- Describe reporting requirements
Advertising
- Illustrate advertising requirements

X. Penalties for Violations

Penalties for Violations
- License revocation
- Suspension and restriction
- Censure of license
- Civil fines
- Criminal Prosecution

XI. Kansas Real Estate Recovery Revolving Fund

KS Recovery Revolving Fund
- Describe the conditions required to recover funds
- Define reimbursement

30-Hour Real Estate Practice

I. Brokerage Agreements

BRRETA Brochure:

What to present
When to present the brochure
How to present the brochure

Listing a Property:

Examples
- Types of Seller Agency Agreements
- Exclusive Right to Sell
- Exclusive Agency
- Open
- Net
Who’s Who in the Agency Agreement
- Signing the Agreement
- Broker’s Responsibilities
- Which Agreement Your Company Uses
- Pay Day
- Information for Servicing the Listing
- Flood Plain Issues
- Lead Paint
Title Issues
- Death, Divorce, and Other Issues

Buyer Representation:

Examples
- Types of Buyer Agency Agreements
- Exclusive Representation
- Non-Exclusive Representation
Review of Customer/Client Relationship
- Who’s Who in the Agency Agreement
- Signing the Agreement
- Broker’s Responsibilities
- Which Agreement Your Company Uses
- Pay Day
- Information for Servicing the Listing
In-Depth Discussion, Examples & Exercises

Acting as a Transaction Broker:

Definition of “Transaction Broker”
Obligations and Responsibilities of a Transaction Broker
Written Brokerage Agreement
Cooperation with Other Brokers
“Presumption of Transaction Broker”
Transaction Broker Addendum
- TBA-RES
- TBA-COMM
- TBA-DA
- TBA-AG

Termination of Brokerage Relationships:

Public’s Right to Terminate
Consequence of Terminations

Compensation:

K.S.A. 58-30, 105 in BRRETA

Things to Remember when Working with Another Company:

Types of agency relationships
When to disclose agency
Ask and tell

Listing Agents, Subagents, Single Agents:

Listing broker’s obligations to the seller/client
Listing broker’s obligations to the buyer/customer
Buyer broker’s obligations to the buyer/client
Buyer broker’s obligations to the seller/customer
Subagent
Single agent
Designated agency

Showing Another Firm’s Listing:

Refusal
Subagency
Agents of the purchaser
Giving permission to show your listing
Responses for subagency
Responses for buyer’s agent

II. Property Valuations

Pricing Residential Property:

Market analysis
Where to find information
When to use a market analysis
How financing affects selling price
Steps to complete a market analysis
Sample market analysis
Who and what determines property value

Pricing Non-Residential Property:

Factors that affect the values of income- producing property
Where to find information
Steps to follow when using the income approach

The Appraiser’s Role:

Difference between an appraisal and a market analysis
Comparables used by appraisers
Who appraisers work for

III. Financing and Closing Costs

Types of Financing:

Importance of financially qualifying the purchaser
When and how to qualify the purchaser
Pre-qualification vs. pre-approval
Conventional loans
FHA Loans
VA Loans
Other sources of financing

Buyers Estimated Closing Costs:

What is required by state law
When to prepare an estimate
How to prepare an estimate

Sellers Estimated Closing Costs:

What is required by state law
When to prepare an estimate
How to prepare an estimate

IV. Contracts, Earnest Money, and Misrepresentation

How to Avoid Problems when Writing a Sales Contract:

Offer to purchase
Addendums and amendments
Counteroffers and multiple offers
Agency’s effect on negotiation
Breach of contract
Consulting your broker
Legal advice
Spouses
Second contract for lender
Cancellation
Contingencies
Title Issues

Things to Remember About Earnest Money Before Writing a Sales Contract:

Define earnest money
Requirement of earnest money
Amount of earnest money
How to process earnest money
- Divergences from state law
- Entitlement
Appraisal fees

Definitions and Types of Misrepresentation:

Intentional misrepresentation
Negligent misrepresentation

Misrepresentation Red Flags:

Buyer’s perspective
Seller’s perspective
Agent’s perspective
Property value
Legal access to property
Title defects
Condition of improvements
Quality of construction
Age of improvements
Quantity of land
Right of parties
Termites and other pests
Public services and utilities
Boundaries and easements
Zoning, subdivision regulations, building codes, restrictive covenants
Taxes and municipal assessments
Neighborhood
Loan qualification
Owner financing
Closing costs
Market conditions
Economic conditions
NOI
Earnest money
Risk of loss
Mortgage contingency
Performance obligations
Remedies
Dual contracts
Advertising

Ways to Avoid Misrepresentation:

Errors
Inspection of property
Seller statements
Disclaimers
“Red flags”
Opinions
Facts
“Puffing”
Interpreting contracts
Establish procedures
“Paper trails”
Seller’s disclosure
Flood plain issues
Lead paint
Latent defects

Procedure Upon Discovery:

Disclosure
Nature of the misrepresentation
Caution the party

V. Environmental Issues

EPA
Red Flags
- Lead paint
- Radon
- Wells
- Septic tanks
- Asbestos
- Mold
- Meth labs

VI. Land and Improvements

Structures:

Construction
Style
Plumbing & Heating

VII. Legal Issues

New legal developments
Advertising and fair housing
Megan’s law
Stigmatized properties

Alabama Salesperson Pre-License Course Outline

I. The Real Estate Business

Describe real estate activities
Identify real estate professions
Define residential, commercial, investment
Identify primary brokerage activities
Define specializations
List skills & knowledge needed
Identify major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define air, surface, subsurface & water rights
Identify areas of government & judicial regulations

III. Interests & Estates

Define estates in real property
Define interests & estates in land,
Distinguish freehold from leasehold estates,
Describe types of fee simple estate,
Describe types of life estate,
Describe types of leasehold estate

IV. Ownership

Define the forms of ownership
Define sole ownership
Define & distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances & Liens

Define encumbrance
Identify types and priority of liens
Describe the types of lien
Define lien priority
Describe foreclosure processes
Describe the types of easements
Define deed restrictions
Define encroachment

VI. Transferring & Recording Title

Distinguish legal & equitable title
Define actual and constructive notice
List & describe processes of voluntary & involuntary transfer
Describe components of a deed of conveyance
Identify types of deed • Identify types of will
Describe probate processes
Define title & title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning & Control

Describe the goals and process of land use planning
Describe the zoning & zoning appeals process
Define the types of zone
Describe the process of taking by eminent domain
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Interpret a metes and bounds description
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Calculate acreage of fractions of a section
Describe a section fraction
Interpret a rectangular survey description
Describe the recorded plat method
Describe the use of elevation reference points

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities & describe the tax treatment of real estate investments
Perform investment analysis and tax calculations

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Perform basic tax calculations
Describe the enforcement of tax liens

XX. Ethics: Laws & Practices

Identify and describe the fair housing laws & fair financing laws
Identify fair housing and financing problem areas for real estate agents
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

XXII. Real Estate Licensing & Regulation

Describe the role of state license law
Describe the procedure & requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager
Identify the nature and components of a management agreement
Describe elements of various lease types of most interest to a property manager
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. Alabama Regulatory Environment

Describe the AL Real Estate Commission
Identify Disciplinary Actions
Explain the AL Recovery Fund

XXVI. Alabama Licensing Regulation

Identify AL Licensing Requirements
Explain AL License Statuses

XXVII. Alabama Brokerage Regulation

Define Broker and Company Licenses
Identify Trust Fund Requirements
Describe AL Estimated Closing Statement Requirements
Explain AL Advertising Rules
Identify AL Record-Keeping Requirements

XXVIII. Alabama Agency

Identify RECAD
Explain AL Brokerage Disclosure Requirements
Describe AL Misrepresentation Regulations
Define AL Listing Requirements

XXIX. Alabama License Law Violations

Describe General Issues with AL License Law
Describe Honesty and Good Faith Issues
Identify Accountability and Reporting Issues
Identify Representation Issues

Arizona 90-Hour Salesperson Pre-License Course Outline

I. The Real Estate Business

Describe real estate activities
Identify real estate professions
Define residential, commercial, investment
Identify primary brokerage activities
Define specializations
List skills & knowledge needed
Identify major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define air, surface, subsurface & water rights
Identify areas of government & judicial regulations

III. Interests & Estates

Define estates in real property
Define interests & estates in land,
Distinguish freehold from leasehold estates,
Describe types of fee simple estate,
Describe types of life estate,
Describe types of leasehold estate

IV. Ownership

Define the forms of ownership
Define sole ownership
Define & distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances & Liens

Define encumbrance
Identify types and priority of liens
Describe the types of lien
Define lien priority
Describe foreclosure processes
Describe the types of easements
Define deed restrictions
Define encroachment

VI. Transferring & Recording Title

Distinguish legal & equitable title
Define actual and constructive notice
List & describe processes of voluntary & involuntary transfer
Describe components of a deed of conveyance
Identify types of deed • Identify types of will
Describe probate processes
Define title & title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning & Control

Describe the goals and process of land use planning
Describe the zoning & zoning appeals process
Define the types of zone
Describe the process of taking by eminent domain
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Interpret a metes and bounds description
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Calculate acreage of fractions of a section
Describe a section fraction
Interpret a rectangular survey description
Describe the recorded plat method
Describe the use of elevation reference points

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities & describe the tax treatment of real estate investments
Perform investment analysis and tax calculations

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Perform basic tax calculations
Describe the enforcement of tax liens

XX. Ethics: Laws & Practices

Identify and describe the fair housing laws & fair financing laws
Identify fair housing and financing problem areas for real estate agents
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

XXII. Real Estate Licensing & Regulation

Describe the role of state license law
Describe the procedure & requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager
Identify the nature and components of a management agreement
Describe elements of various lease types of most interest to a property manager
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. Real Estate Law in Arizona

Identify sources of real estate law;
Review Title 32, Chapter 20- Code of Real Estate;
Describe ADRE’s disciplinary process and procedures

XXVI. Arizona Licensing Law & Regulations

Identify who must be licensed;
Identify exemptions;
Define unlicensed personnel;
Describe general license requirements;
Describe license status and types;
Define activated licenses;
Define active licenses;
Define temporary real estate licenses;
Define appraisal licenses

XXVII. Easements, Encumbrances, Ownership & Conveyances in Arizona

Describe easements particular to Arizona;
Describe encumbrances particular to Arizona;
Describe ownership particular to Arizona;
Describe conveyances particular to Arizona

XXVIII. Arizona Land and Environmental Laws

Define Arizona Water Law;
Review environmental regulation specific to Arizona;
Review land descriptions specific to Arizona;
Define Subdivision Law specific to Arizona

XXIX. Disclosure and Consumer Protection in Arizona

Define disclosure;
Review consumer protections

XXX. Regulated Activities and Relationship in Arizona

Review advertising;
Review commissions and fees;
Review contracts;
Describe agency relationships;
Review handling of funds

XXXI. Arizona Finance and Taxation Practices

Review financing;
Describe foreclosures;
Describe land contract financing;
Review Arizona property tax concepts;
Review tax aspects of ownership

XXXII. Leasing and Property Management in Arizona

Review definitions;
Explain the Arizona Residential Landlord and Tenant Act; • Review property management;
Review lease agreements

XXXIII. Other Related Arizona Practices and Laws

Review business brokerage transactions;
Describe Realtor Boards and MLS;
Explain compensation to public;
Describe bankruptcy effect on real estate contracts;
Review property insurance and warranties;
Review Arizona real estate math;
Review appraisal;
Review Arizona closing issues

XXXIV. Real Estate Math

Add and multiply fractions;
Multiplying using percentages
Calculate area of basic shapes
Calculate area from legal description
Calculate commission
Calculate Goodwill
Calculate Percentage of Listing Price
Calculate Earnest Money Deposits
Calculate Rent Escalations
Calculate FIRPTA Withholdings
Adjust Comparables for Appraisals
Calculate Income Capitalization
Calculate Loan Amounts, Rates, and Payments
Calculate Loan-to-Value Ratio
Calculate Income Underwriting Ratio
Calculate Debt Underwriting Ratio
Calculate Points
Calculate Appreciation
Calculate Equity
Calculate Pre-tax Cash Flow
Calculate Tax Liability
Calculate Annual Depreciation Expense
Calculate Capital Gain
Calculate Return, Rate of Return, and Investment Amount
Calculate Tax Rate
Calculate Special Assessments
Calculate Prorations

Illinois 60 Hour Salesperson Pre-License Course

I. The Real Estate Business

Describe real estate activities
Identify property type specializations
Identify primary brokerage activities
Identify forms of brokerage specialization
List skills and knowledge needed
Describe functions of major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define water rights
Differentiate between real and personal property
Identify areas of government and judicial regulation

III. Interests and Estates

Define interests and estates in land
Distinguish freehold estates from leasehold estates
Describe types of fee simple estate
Describe types of life estate
Describe types of leasehold estate

IV. Ownership

Define sole ownership
Define and distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances and Liens

Define encumbrance
Describe the types of easement
Define encroachment
Define license
Define deed restrictions
Describe the types of lien
Define lien priority
Describe foreclosure processes

VI. Transferring and Recording Title

Distinguish legal and equitable title
Define actual and constructive notice
List processes of voluntary and involuntary transfer
Describe components of a deed of conveyance
Identify types of deed
Identify types of will
Describe probate processes
Define title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights and obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning and Control

Describe the goals and process of land use planning
Describe the zoning process
Define the types of zone
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Describe a section fraction
Describe the recorded plat method

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for validity of contracts
Describe the creation and termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope and organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage and trust deed
Describe the underwriting and loan application processes
Describe the major laws that affect mortgage lending
Describe the primary and secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities
Describe the tax treatment of real estate investment

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Describe the enforcement of tax liens

XX. Ethics: Laws and Practices

Identify and describe the fair housing laws and fair financing laws
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s and seller’s debits and credits
Define prorations
Identify taxes due at closing

XXII. Real Estate Licensing Regulation

Describe the role of state license law
Describe the procedure and requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk and risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager
Identify the nature and components of a management agreement
Describe elements of various lease types of most interest to a property manager
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. Illinois Licensing Regulation

Describe the Illinois Real Estate License Act and Rules
Define the Illinois Department of Financial and Professional Regulation
List the entities regulated by the Division of Real Estate (DRE)
Name the powers and duties of the Department (IDFPR)
Define the Real Estate Research and Education Fund
Explain the Real Estate Recovery Fund

XXVI. Acquiring and Maintaining a License in Illinois

Name the types of real estate licenses available to individuals
List the acts that require a license
Recall exemptions from licensure
Restate basic license requirements
Explain the circumstances regarding nonresident licensure
Describe license expiration dates
Describe license status and change notifications

XXVII. Regulation of Business Practice in Illinois

List the different types of Illinois brokerage firms
Describe the duties of a sponsoring broker
Identify practices that ensure nondiscrimination
Recognize supervisory responsibilities of a managing broker
Recall types of compensation
State the responsibilities of a sponsoring broker when accepting escrow money
List what is included in a broker price opinion or comparative market analysis

XXVIII. Illinois Agency Relationships

Explain the Illinois Agency Law
Recall duties owed to clients
Describe ways to promote a client’s best interests
List duties owed to customers
Describe a dual agency
Explain a designated agency
Describe brokerage agreements

XXIX. Disciplinary Rules and Procedures in Illinois

List license law violations
Name the disciplinary actions the Department may impose
List the additional protected classes covered in the Illinois Human Rights Act
Describe the Real Estate Recovery Fund

XXX. Other Illinois Laws Affecting Real Estate Practice

List forms of ownership recognized in Illinois
Name liens and other encumbrances in Illinois
Explain the three Illinois proration methods
List what must be included in a deed
Recall Real Estate Contract Law consumer protections
Explain property taxes in Illinois
Recall the categories of appraiser licensure

XXXI. Real Estate Math

Add and multiply fractions;
Convert decimals and percentages
Convert fractions and percentages
Multiplying using percentages
Calculate area of basic shapes
Calculate area from legal description
Calculate commission
Calculate Goodwill
Calculate Percentage of Listing Price
Calculate Earnest Money Deposits
Calculate Rent Escalations
Calculate FIRPTA Withholdings
Adjust Comparables for Appraisals
Calculate Income Capitalization
Calculate Loan Amounts, Rates, and Payments
Calculate Loan-to-Value Ratio
Calculate Income Underwriting Ratio
Calculate Debt Underwriting Ratio
Calculate Points
Calculate Appreciation
Calculate Equity
Calculate Pre-tax Cash Flow
Calculate Tax Liability
Calculate Annual Depreciation Expense
Calculate Capital Gain
Calculate Return, Rate of Return, and Investment Amount
Calculate Tax Rate
Calculate Special Assessments
Calculate Proration

Michigan 40 Hour Salesperson Pre-License Course Outline

I. The Real Estate Business

Describe real estate activities
Identify real estate professions
Define residential, commercial, investment
Identify primary brokerage activities
Define specializations
List skills & knowledge needed
Identify major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define air, surface, subsurface & water rights
Identify areas of government & judicial regulations

III. Interests & Estates

Define estates in real property
Define interests & estates in land,
Distinguish freehold from leasehold estates,
Describe types of fee simple estate,
Describe types of life estate,
Describe types of leasehold estate

IV. Ownership

Define the forms of ownership
Define sole ownership
Define & distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances & Liens

Define encumbrance
Identify types and priority of liens
Describe the types of lien
Define lien priority
Describe foreclosure processes
Describe the types of easements
Define deed restrictions
Define encroachment

VI. Transferring & Recording Title

Distinguish legal & equitable title
Define actual and constructive notice
List & describe processes of voluntary & involuntary transfer
Describe components of a deed of conveyance
Identify types of deed
Identify types of will
Describe probate processes
Define title & title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning & Control

Describe the goals and process of land use planning
Describe the zoning & zoning appeals process
Define the types of zone
Describe the process of taking by eminent domain
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Interpret a metes and bounds description
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Calculate acreage of fractions of a section
Describe a section fraction
Interpret a rectangular survey description
Describe the recorded plat method
Describe the use of elevation reference points

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities & describe the tax treatment of real estate investments
Perform investment analysis and tax calculations

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Perform basic tax calculations
Describe the enforcement of tax liens

XX. Ethics: Laws and Practices

Identify and describe the fair housing laws & fair financing laws;
Identify fair housing and financing problem areas for real estate agents;
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

XXII. Real Estate Licensing & Regulation

Describe the role of state license law
Describe the procedure & requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager;
Identify the nature and components of a management agreement;
Describe elements of various lease types of most interest to a property manager;
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. Michigan Licensing Regulations

Department of Licensing and Regulatory Affairs
Licensing Requirements

XXVI. Rules Governing Michigan Licensees

Advertising
Consideration
Licensee as Buyer or Seller
Handling Contracts
Handling Money
Prohibited Acts

XXVII. Contractual Relationships in Michigan

Agency
Service Provision Agreements
Broker/Salesperson Relationship

XXVIII. Michigan Housing Regulations

Michigan State Housing
Development Authority
Michigan Fair Housing
Landlord-Tenant Relationships Act & Truth in Renting Act
Homeowners Association Regulations

XXIX. Michigan Property Disclosures

Seller’s Disclosure Statement
Other Material Facts

XXX. Other Points of Michigan Law & Practice

Land Division Act
State Transfer Tax
Michigan Condominium Act
Michigan Antitrust Reform Act
Michigan Right to Farm Act
Changes in Land Contract Laws
Foreclosures and Short Sales

XXXI. Real Estate Math

Add and multiply fractions;
Multiplying using percentages
Calculate area of basic shapes
Calculate area from legal description
Calculate commission
Calculate Goodwill
Calculate Percentage of Listing Price
Calculate Earnest Money Deposits
Calculate Rent Escalations
Calculate FIRPTA Withholdings
Adjust Comparables for Appraisals
Calculate Income Capitalization
Calculate Loan Amounts, Rates, and Payments
Calculate Loan-to-Value Ratio
Calculate Income Underwriting Ratio
Calculate Debt Underwriting Ratio
Calculate Points
Calculate Appreciation
Calculate Equity
Calculate Pre-tax Cash Flow
Calculate Tax Liability
Calculate Annual Depreciation Expense
Calculate Capital Gain
Calculate Return, Rate of Return, and Investment Amount
Calculate Tax Rate
Calculate Special Assessments
Calculate Prorations

South Carolina 90 Hour Salesperson Unit I Pre-License Course

I. The Real Estate Business

Describe real estate activities
Identify real estate professions
Define residential, commercial, investment
Identify primary brokerage activities
Define specializations
List skills & knowledge needed
Identify major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define air, surface, subsurface & water rights
Identify areas of government & judicial regulations

III. Interests & Estates

Define estates in real property
Define interests & estates in land,
Distinguish freehold from leasehold estates,
Describe types of fee simple estate,
Describe types of life estate,
Describe types of leasehold estate

IV. Ownership

Define the forms of ownership
Define sole ownership
Define & distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances & Liens

Define encumbrance
Identify types and priority of liens
Describe the types of lien
Define lien priority
Describe foreclosure processes
Describe the types of easements
Define deed restrictions
Define encroachment

VI. Transferring & Recording Title

Distinguish legal & equitable title
Define actual and constructive notice
List & describe processes of voluntary & involuntary transfer
Describe components of a deed of conveyance
Identify types of deed • Identify types of will
Describe probate processes
Define title & title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning & Control

Describe the goals and process of land use planning
Describe the zoning & zoning appeals process
Define the types of zone
Describe the process of taking by eminent domain
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Interpret a metes and bounds description
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Calculate acreage of fractions of a section
Describe a section fraction
Interpret a rectangular survey description
Describe the recorded plat method
Describe the use of elevation reference points

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities & describe the tax treatment of real estate investments
Perform investment analysis and tax calculations

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Perform basic tax calculations
Describe the enforcement of tax liens

XX. Ethics: Laws & Practices

Identify and describe the fair housing laws & fair financing laws
Identify fair housing and financing problem areas for real estate agents
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

XXII. Real Estate Licensing & Regulation

Describe the role of state license law
Describe the procedure & requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager
Identify the nature and components of a management agreement
Describe elements of various lease types of most interest to a property manager
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. South Carolina Licensing Environment

The SC Real Estate Commission
Acquiring the License
License Maintenance & Renewal
Continuing Education Requirements

XXVI. South Carolina Regulation of Licensees

Duties and Requirements of Licensees
Regulated Activities
Disclosures
Offers and Counteroffers
Documents and Recordkeeping
Trust Fund Handling and Accounting Practices
Broker/Salesperson Relationship
License Law Violations

XXVII. South Carolina Brokerage Relationships and Agreements

Brokerage Agreements in South Carolina
SC Agency Disclosure Form
Company Policy

XXVIII. South Carolina Transaction Agreements

Offers to Purchase
Purchase and Sale Contract
SC Residential Property
Condition Disclosure

XXIX. Other South Carolina Laws and Practices

Consumer Protection Code
Fair Credit Reporting Act
SC Residential Landlord & Tenant Act
SC Vacation Time Sharing Plans Act
Megan’s Law
South Carolina Coastal Zone Management Act
South Carolina Human Affairs Commission
South Carolina Property Taxes
Technology/ Electronic Transactions
Homeowners’ Associations
Predatory Lending
Consumer Protection Code

XXX. Real Estate Math

Add and multiply fractions;
Convert decimals and percentages
Convert fractions and percentages
Multiplying using percentages
Calculate area of basic shapes
Calculate area from legal description
Calculate commission
Calculate Goodwill
Calculate Percentage of Listing Price
Calculate Earnest Money Deposits
Calculate Rent Escalations
Calculate FIRPTA Withholdings
Adjust Comparables for Appraisals
Calculate Income Capitalization
Calculate Loan Amounts, Rates, and Payments
Calculate Loan-to-Value Ratio
Calculate Income Underwriting Ratio
Calculate Debt Underwriting Ratio
Calculate Points
Calculate Appreciation
Calculate Equity
Calculate Pre-tax Cash Flow
Calculate Tax Liability
Calculate Annual Depreciation Expense
Calculate Capital Gain
Calculate Return, Rate of Return, and Investment Amount
Calculate Tax Rate
Calculate Special Assessments
Calculate Prorations

South Carolina 30 Hour Unit II Advanced Principles Course

A. Agency and Property Disclosure

Define the agency relationship;
Describe the fiduciary duties of agency;
Identify the forms of real estate agency;
Describe the rules of agency disclosure;
Identify problem areas for real estate agents
Duties and Requirements of Licensees
Regulated Activities
Disclosures
Offers and Counteroffers
Documents and Recordkeeping
Trust Fund Handling and Accounting Practices
Broker/Salesperson Relationship
License Law Violations
Brokerage Agreements in South Carolina
SC Agency Disclosure Form
Company Policy
Offers to Purchase
Purchase and Sale Contract
SC Residential Property
Condition Disclosure

B. Real Estate Contracts

Identify the basic legal concepts of contracts;
Describe requirements for contract validity;
Describe the creation & termination of contracts
Describe the basis of listing agreements in contract and agency law;
Identify the types of listing agreement;
Describe how an agent fulfills an agreement and earns compensation;
Identify the basic provisions of a listing agreement
Describe the characteristics and provisions of a contract for sale;
Describe the characteristics and provisions of an option-to-buy contract;
Describe the characteristics of a contract for deed

C. Ethics and Real Estate

Compare and contrast general business ethics to the REALTOR® Code of Ethics
Distinguish key aspirational concepts found in the Preamble to the NAR Code of Ethics
Interpret the concepts established in Articles 1, 3, 10, 11, 12, 15, and 16 of the Code of Ethics
Analyze through case studies possible violations of the Code of Ethics related to the Articles cited above
Summarize the professional standards process for enforcing the Code of Ethics including the duty to arbitrate
Recognize critical elements of due process as they relate to Code enforcement
Support factors considered by hearing panels in procuring cause disputes
Apply some professional courtesies described in the Pathways to Professionalism
Identify and describe the fair housing laws & fair financing laws;
Identify fair housing and financing problem areas for real estate agents;
Identify acceptable ethical and professional practices

D. Measurements and Valuations

Identify basic valuation principles, including supply and demand, absorption rate, etc.
Identify three approaches to value
Evaluate all three approaches to value to determine which approach (or approaches) should be used
Explore market analysis for residential real estate pricing
Identify how to select comparables for residential real estate pricing
Contrast an appraiser’s job with an agent’s job
Identify components of automated valuation models (AVMs)
Discuss how to prepare and present pricing data.
Define real estate value;
Describe economic foundations of real estate value;
Identify major types of value;
Define market value;
Define appraisal;
Describe the appraisal process;
Describe the three approaches to value;
Define comparative market analysis;
Perform basic calculations used in appraisal;
Identify regulated appraisal activities and professional standards

E. Real Estate Finance

Describe the elements of the market system;
Define the economic characteristics of real estate;
Describe real estate supply and demand
Define mortgage financing;
Describe loan transactions;
Calculate loan financial components;
Identify major elements of mortgage and trust deed;
Describe the underwriting & loan application processes;
Describe the major laws that affect mortgage lending;
Calculate the loan amount for which a borrower qualifies;
Describe the primary & secondary mortgage markets;
Describe common loan types and structures
Describe the investment characteristics of real estate;
Identify investment entities;
Describe the tax treatment of real estate investments;
Perform basic real estate investment analysis and tax calculations

South Carolina 60 Hour Salesperson Unit I Pre-License Course

I. The Real Estate Business

Describe real estate activities
Identify real estate professions
Define residential, commercial, investment
Identify primary brokerage activities
Define specializations
List skills & knowledge needed
Identify major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define air, surface, subsurface & water rights
Identify areas of government & judicial regulations

III. Interests & Estates

Define estates in real property
Define interests & estates in land,
Distinguish freehold from leasehold estates,
Describe types of fee simple estate,
Describe types of life estate,
Describe types of leasehold estate

IV. Ownership

Define the forms of ownership
Define sole ownership
Define & distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances & Liens

Define encumbrance
Identify types and priority of liens
Describe the types of lien
Define lien priority
Describe foreclosure processes
Describe the types of easements
Define deed restrictions
Define encroachment

VI. Transferring & Recording Title

Distinguish legal & equitable title
Define actual and constructive notice
List & describe processes of voluntary & involuntary transfer
Describe components of a deed of conveyance
Identify types of deed • Identify types of will
Describe probate processes
Define title & title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning & Control

Describe the goals and process of land use planning
Describe the zoning & zoning appeals process
Define the types of zone
Describe the process of taking by eminent domain
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Interpret a metes and bounds description
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Calculate acreage of fractions of a section
Describe a section fraction
Interpret a rectangular survey description
Describe the recorded plat method
Describe the use of elevation reference points

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities & describe the tax treatment of real estate investments
Perform investment analysis and tax calculations

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Perform basic tax calculations
Describe the enforcement of tax liens

XX. Ethics: Laws & Practices

Identify and describe the fair housing laws & fair financing laws
Identify fair housing and financing problem areas for real estate agents
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

XXII. Real Estate Licensing & Regulation

Describe the role of state license law
Describe the procedure & requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager
Identify the nature and components of a management agreement
Describe elements of various lease types of most interest to a property manager
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. South Carolina Licensing Environment

The SC Real Estate Commission
Acquiring the License
License Maintenance & Renewal
Continuing Education Requirements

XXVI. South Carolina Regulation of Licensees

Duties and Requirements of Licensees
Regulated Activities
Disclosures
Offers and Counteroffers
Documents and Recordkeeping
Trust Fund Handling and Accounting Practices
Broker/Salesperson Relationship
License Law Violations

XXVII. South Carolina Brokerage Relationships and Agreements

Brokerage Agreements in South Carolina
SC Agency Disclosure Form
Company Policy

XXVIII. South Carolina Transaction Agreements

Offers to Purchase
Purchase and Sale Contract
SC Residential Property
Condition Disclosure

XXIX. Other South Carolina Laws and Practices

Consumer Protection Code
Fair Credit Reporting Act
SC Residential Landlord & Tenant Act
SC Vacation Time Sharing Plans Act
Megan’s Law
South Carolina Coastal Zone Management Act
South Carolina Human Affairs Commission
South Carolina Property Taxes
Technology/ Electronic Transactions
Homeowners’ Associations
Predatory Lending
Consumer Protection Code

XXX. Real Estate Math

Add and multiply fractions;
Convert decimals and percentages
Convert fractions and percentages
Multiplying using percentages
Calculate area of basic shapes
Calculate area from legal description
Calculate commission
Calculate Goodwill
Calculate Percentage of Listing Price
Calculate Earnest Money Deposits
Calculate Rent Escalations
Calculate FIRPTA Withholdings
Adjust Comparables for Appraisals
Calculate Income Capitalization
Calculate Loan Amounts, Rates, and Payments
Calculate Loan-to-Value Ratio
Calculate Income Underwriting Ratio
Calculate Debt Underwriting Ratio
Calculate Points
Calculate Appreciation
Calculate Equity
Calculate Pre-tax Cash Flow
Calculate Tax Liability
Calculate Annual Depreciation Expense
Calculate Capital Gain
Calculate Return, Rate of Return, and Investment Amount
Calculate Tax Rate
Calculate Special Assessments
Calculate Prorations

Illinois 75 Hour Pre-License Course

I. The Real Estate Business

Describe real estate activities
Identify property type specializations
Identify primary brokerage activities
Identify forms of brokerage specialization
List skills and knowledge needed
Describe functions of major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define water rights
Differentiate between real and personal property
Identify areas of government and judicial regulation

III. Interests and Estates

Define interests and estates in land
Distinguish freehold estates from leasehold estates
Describe types of fee simple estate
Describe types of life estate
Describe types of leasehold estate

IV. Ownership

Define sole ownership
Define and distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances and Liens

Define encumbrance
Describe the types of easement
Define encroachment
Define license
Define deed restrictions
Describe the types of lien
Define lien priority
Describe foreclosure processes

VI. Transferring and Recording Title

Distinguish legal and equitable title
Define actual and constructive notice
List processes of voluntary and involuntary transfer
Describe components of a deed of conveyance
Identify types of deed
Identify types of will
Describe probate processes
Define title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights and obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning and Control

Describe the goals and process of land use planning
Describe the zoning process
Define the types of zone
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Describe a section fraction
Describe the recorded plat method

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for validity of contracts
Describe the creation and termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope and organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage and trust deed
Describe the underwriting and loan application processes
Describe the major laws that affect mortgage lending
Describe the primary and secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities
Describe the tax treatment of real estate investment

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Describe the enforcement of tax liens

XX. Ethics: Laws and Practices

Identify and describe the fair housing laws and fair financing laws
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s and seller’s debits and credits
Define prorations
Identify taxes due at closing

XXII. Real Estate Licensing Regulation

Describe the role of state license law
Describe the procedure and requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk and risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager
Identify the nature and components of a management agreement
Describe elements of various lease types of most interest to a property manager
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. Illinois Licensing Regulation

Describe the Illinois Real Estate License Act and Rules
Define the Illinois Department of Financial and Professional Regulation
List the entities regulated by the Division of Real Estate (DRE)
Name the powers and duties of the Department (IDFPR)
Define the Real Estate Research and Education Fund
Explain the Real Estate Recovery Fund

XXVI. Acquiring and Maintaining a License in Illinois

Name the types of real estate licenses available to individuals
List the acts that require a license
Recall exemptions from licensure
Restate basic license requirements
Explain the circumstances regarding nonresident licensure
Describe license expiration dates
Describe license status and change notifications

XXVII. Regulation of Business Practice in Illinois

List the different types of Illinois brokerage firms
Describe the duties of a sponsoring broker
Identify practices that ensure nondiscrimination
Recognize supervisory responsibilities of a managing broker
Recall types of compensation
State the responsibilities of a sponsoring broker when accepting escrow money
List what is included in a broker price opinion or comparative market analysis

XXVIII. Illinois Agency Relationships

Explain the Illinois Agency Law
Recall duties owed to clients
Describe ways to promote a client’s best interests
List duties owed to customers
Describe a dual agency
Explain a designated agency
Describe brokerage agreements

XXIX. Disciplinary Rules and Procedures in Illinois

List license law violations
Name the disciplinary actions the Department may impose
List the additional protected classes covered in the Illinois Human Rights Act
Describe the Real Estate Recovery Fund

XXX. Other Illinois Laws Affecting Real Estate Practice

List forms of ownership recognized in Illinois
Name liens and other encumbrances in Illinois
Explain the three Illinois proration methods
List what must be included in a deed
Recall Real Estate Contract Law consumer protections
Explain property taxes in Illinois
Recall the categories of appraiser licensure

XXXI. Real Estate Math

Add and multiply fractions;
Convert decimals and percentages
Convert fractions and percentages
Multiplying using percentages
Calculate area of basic shapes
Calculate area from legal description
Calculate commission
Calculate Goodwill
Calculate Percentage of Listing Price
Calculate Earnest Money Deposits
Calculate Rent Escalations
Calculate FIRPTA Withholdings
Adjust Comparables for Appraisals
Calculate Income Capitalization
Calculate Loan Amounts, Rates, and Payments
Calculate Loan-to-Value Ratio
Calculate Income Underwriting Ratio
Calculate Debt Underwriting Ratio
Calculate Points
Calculate Appreciation
Calculate Equity
Calculate Pre-tax Cash Flow
Calculate Tax Liability
Calculate Annual Depreciation Expense
Calculate Capital Gain
Calculate Return, Rate of Return, and Investment Amount
Calculate Tax Rate
Calculate Special Assessments
Calculate Proration

Illinois 15-Hour Illinois Broker Pre-License Applied Real Estate Principles

I. Case Study 1: Listing Presentation

Apply understanding of agency relationships and contracts
Illustrate understanding of marketing regulations
Practice real estate calculations
Discuss Illinois licensing requirements
Practice applying Illinois real estate laws/rules
Recognize Illinois disclosures

II. Case Study 2: Disclosure and Fraud

Apply understanding of agency relationships and contracts
Express understanding of real property ownership/interest
Illustrate understanding of marketing regulations
Practice real estate calculations
Recognize Illinois disclosures

III. Case Study 3: Fair Housing and Discrimination

Describe understanding of agency relationships and contracts
Express understanding of real property ownership/interest
Illustrate understanding of marketing regulations
Demonstrate applying rules/law regarding property management
Discuss Illinois licensing requirements
Practice applying Illinois real estate laws/rules
Recognize Illinois disclosures

IV. Case Study 4: Personal Assistants

Apply understanding of agency relationships and contracts
Illustrate understanding of marketing regulations
Discuss Illinois licensing requirements
Practice applying Illinois real estate laws/rules
Recognize Illinois disclosures

V. Case Study 5: Distressed Property/Working with Professionals Outside the Brokerage

Apply understanding of agency relationships and contracts
Express understanding of real property ownership/interest
Demonstrate financial knowledge related to real estate transactions
Illustrate understanding of marketing regulations
Practice real estate calculations
Discuss Illinois licensing requirements
Practice applying Illinois real estate laws/rules
Recognize Illinois disclosures

VI. Case Study 6: Home Inspections and HUD

Apply understanding of agency relationships and contracts
Express understanding of real property ownership/interest
Demonstrate financial knowledge related to real estate transactions
Illustrate understanding of marketing regulations
Discuss Illinois licensing requirements
Practice applying Illinois real estate laws/rules
Recognize Illinois disclosures

VII. Case Study 7: Presenting Offers and Counteroffers

Apply understanding of agency relationships and contracts
Express understanding of real property ownership/interest
Interpret knowledge of real property
Demonstrate financial knowledge related to real estate transactions
Illustrate knowledge of marketing regulations
Discuss Illinois licensing requirements
Practice applying Illinois real estate laws/rules
Recognize Illinois disclosures

Virginia 60 Hour Salesperson Pre-License Course

I. The Real Estate Business

Real Estate Professions
Real Estate Brokerage
Professional Organizations
Regulation and Licensing

II. Rights in Real Estate

Real Estate As Property
Real Versus Personal Property
Regulation of Real Property Interests

III. Interests and Estates

Interests and Estates in Land
Freehold Estates
Leasehold Estates

IV. Ownership

Sole Ownership
Co-Ownership
Estates in Trust
Ownership By Business Entities
Condominiums
Cooperatives
Time-Shares

V. Encumbrances and Liens

Encumbrances
Easements
Encroachments
Licenses
Deed Restrictions
Liens
Foreclosure

VI. Transferring and Recording Title to Real Estate

Title to Real Estate
Deeds of Conveyance
Wills
Involuntary Title Transfer
Title Records

VII. Leasing Essentials

The Lease Contract
Types of Lease
Default and Termination
Uniform Residential Landlord and Tenant Act

VIII. Land Use Planning and Control

Real Estate Planning
Public Land Use Control
Private Land Use Control
Environmental Controls

IX. Legal Descriptions

Methods of Legal Description
Metes and Bounds
The Rectangular Survey System
Recorded Plat Method
Describing Elevation

X. Fundamentals of Contract Law

Contract Validity and Enforceability
Contract Creation
Classifications of Contracts
Contract Termination

XI. National Agency

The Agency Relationship
Fiduciary Duties
Forms of Real Estate Agency
Agency Disclosure Rules

XII. Listing Agreements: An Overview

Review of Legal Foundations
Types of Listing Agreement
Fulfillment and Termination
Listing Agreement Clauses

XIII. General Brokerage Practices

Function and Organization
The Broker-Salesperson Relationship
Operating A Real Estate Brokerage
Business Brokerage
Syndications and Securities Brokerage

XIV. Overview of Conveyance Contracts

Contract for Sale
Sale Contract Provisions
Option-To-Buy Contract
Contract for Deed

XV. Real Estate Market Economics

The Market System
Real Estate Market Dynamics

XVI. Appraising & Estimating Market Value

Real Estate Value
Appraising Market Value
The Sales Comparison Approach
The Cost Approach
The Income Capitalization Approach
Regulation of Appraisal Practice

XVII. Real Estate Finance

Anatomy of Mortgage Lending
Initiating A Mortgage Loan
Qualifying For A Mortgage Loan
Closing A Loan
Laws Affecting Mortgage Lending
The Mortgage Market
Types of Real Estate Loans

XVIII. Real Estate Investment

Investment Fundamentals
Real Estate As An Investment
Real Estate Investment Entities
Taxation of Real Estate Investments
Investment Analysis of A Residence
Investment Analysis of An Income Property

XIX. Real Estate Taxation

Taxing Entities
Ad Valorem Taxation
Special Assessments
Tax Lien Enforcement

XX. Professional Practices

Fair Housing Laws
Property Disclosures
Other Professional Practices

XXI. Closings

The Closing Event
Real Estate Settlement Procedures Act
Financial Settlement Procedures Act
Financial Settlement Of The Transaction
Computing Prorations
Taxes Due At Closing
Closing Cost Itemization: Case Illustration
TILA/RESPA Integrated Disclosure Rule
Reporting Requirements

XXII. Overview of Licensing and Regulation

State License Law
Obtaining A Real Estate License
License Regulation

XXIII. Risk Management

Risk Management Strategies
Risk Management Procedures
Primary Areas of Risk

XXIV. Property Management

Management Functions
The Management Agreement
Leasing Considerations
The Management Business

XXV. Virginia Licensing Regulation

Code of Virginia
Virginia Administrative Code
The Real Estate Board
Code Violations
Disciplinary Procedures
Activities Requiring A License
License Types and Requirements
License Maintenance

XXVI. Virginia Brokerage Regulation & Disclosures

Broker-Salesperson Relationship
Broker’s Supervisory Requirements
Death or Disability of Principal Broker
Escrow Accounts
Place of Business
Recordkeeping Requirements
Advertising
Non-Agency Disclosure Requirements

XXVII. Virginia Agency and Agency Disclosure

Virginia Agency-Related Definitions
Agency/Brokerage Relationships
Agency Disclosure Requirements
Agency Duties and Statutory Duties

XXVIII. Virginia Sales Contract

Contract Form
Contracting Procedure
Buyer Protections

XXIX. Virginia Fair Housing and Other Virginia Laws

Virginia Fair Housing Law and Related Regulations
Virginia Residential Landlord and Tenant Act
Virginia Common Interest Communities Act
Virginia Property Owner’s Association Act
Virginia Condominium Act and Regulations
Virginia Real Estate Cooperative Act
Virginia Time-Share Act
Virginia Underground Utility Damage Prevention Act
Other Virginia Practices

XXX. Real Estate Mathematics

Basic Formulas and Functions
Real Estate Applications

Missouri 48-Hour Pre-License Course Outline

I. The Real Estate Business

Describe real estate activities
Identify real estate professions
Define residential, commercial, investment
Identify primary brokerage activities
Define specializations
List skills & knowledge needed
Identify major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define air, surface, subsurface & water rights
Identify areas of government & judicial regulations

III. Interests & Estates

Define estates in real property
Define interests & estates in land,
Distinguish freehold from leasehold estates,
Describe types of fee simple estate,
Describe types of life estate,
Describe types of leasehold estate

IV. Ownership

Define the forms of ownership
Define sole ownership
Define & distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances & Liens

Define encumbrance
Identify types and priority of liens
Describe the types of lien
Define lien priority
Describe foreclosure processes
Describe the types of easements
Define deed restrictions
Define encroachment

VI. Transferring & Recording Title

Distinguish legal & equitable title
Define actual and constructive notice
List & describe processes of voluntary & involuntary transfer
Describe components of a deed of conveyance
Identify types of deed
Identify types of will
Describe probate processes
Define title & title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning & Control

Describe the goals and process of land use planning
Describe the zoning & zoning appeals process
Define the types of zone
Describe the process of taking by eminent domain
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Interpret a metes and bounds description
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Calculate acreage of fractions of a section
Describe a section fraction
Interpret a rectangular survey description
Describe the recorded plat method
Describe the use of elevation reference points

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities
Describe the tax treatment of real estate investments
Perform basic real estate investment analysis and tax calculations

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Perform basic tax calculations
Describe the enforcement of tax liens

XX. Ethics: Laws & Practices

Identify and describe the fair housing laws & fair financing laws
Identify fair housing and financing problem areas for real estate agents
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

XXII. Real Estate Licensing & Regulation

Describe the role of state license law
Describe the procedure & requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager
Identify the nature and components of a management agreement
Describe elements of various lease types of most interest to a property manager
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. Missouri Rules

Define terms as listed in Chapter 339 of the Missouri Statutes
Describe the organization of RE Commission according to Missouri Rules 2250
Recall licensing requirements according to Missouri Rules 2250
Identify educational requirements according to Missouri Rules 2250

XXVI. Missouri Business Conduct & Practices

Recognize Missouri rules with regard to branch offices, personnel, advertising, listings, offers, earnest money, commission, and agency disclosure
Identify actions that constitute improper use of license and office
Recognize standard forms and when to use them

XXVII. Missouri Disciplinary Proceedings

Describe the complaint and investigation process.
Distinguish between actions by the MREC and the AHC, and when cases are sent to each
Define violations
Recognize penalties for violations

XXVIII. Missouri Closings & Computations

Prepare closing documents and calculate costs

Nevada 90-Hour Salesperson Pre-License Course Outline

I. The Real Estate Business

Describe real estate activities
Identify property type specializations
Identify primary brokerage activities
Identify forms of brokerage specialization
List skills and knowledge needed
Describe function of major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define water rights
Differentiate between real and personal property
Identify areas of government and judicial regulation

III. Interests and Estates

Define interests and estates in land
Distinguish freehold from leasehold estates
Describe types of fee simple estate
Describe types of life estate
Describe types of leasehold estate

IV. Ownership

Define sole ownership
Define and distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances and Liens

Define encumbrance
Describe the types of easement
Define encroachment
Define license
Define deed restrictions
Describe the types of lien
Define lien priority
Describe foreclosure processes

VI. Transferring and Recording Title

Distinguish legal and equitable title
Define actual and constructive notice
List processes of voluntary and involuntary transfer
Describe components of a deed of conveyance
Identify types of deed
Identify types of will
Describe probate processes
Define title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estate
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning and Control

Describe the goals and process of land use planning
Describe the zoning process
Define the types of zone
Describe the environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Describe a section fraction
Describe the recorded plat method

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for validity of contracts
Describe the creation and termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreements
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope, and organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising and Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage and trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Describe the primary and secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities
Describe the tax treatment of real estate investments

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Describe the enforcement of tax liens

XX. Ethics: Laws and Practices

Identify and describe the fair housing laws and fair financing laws
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s and seller’s debits and credits
Define prorations
Identify taxes due at closing

XXII. Real Estate Licensing and Regulation

Describe the role of state license law
Describe the procedure and requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk and risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager
Identify the nature and components of a management agreement
Describe elements of various lease types of most interest to a property manager
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. Nevada License Law Administration

Recall the powers and duties of the Nevada Real Estate Division
List the primary powers and duties of the Real Estate Commission
Explain the options the Division Administrator has once findings of an investigation has been reported
Discuss sanctions and fines the Commission could impose on a licensee or property manager
Describe what a petitioner must show in a petition to the Fund

XXVI. Nevada License Requirements

List the types of real estate licenses issued by Nevada
Identify activities that require a Nevada real estate license
State the requirements to obtain a salesperson license
Describe the terms and conditions of individual license renewal
Discuss reasons that would require an individual or licensee to notify the Division
Review office requirements for brokers
Explain the provisions and penalties related to cooperative certificates

XXVII. Agency in Nevada

List recognized types of agency relationships
Describe the duties a licensee owes to all parties in a real estate transaction
Explain what must be included in the Consent to Act written consent form
Examine oral vs. written agreements
Name each criterion the client agrees to in the Agreement to Waiver
Discuss the limits of communication authorized by the Nevada Law and Reference Guide

XXVIII. Brokerage Practices in Nevada

State all responsibilities between licensees associated with a broker
Discuss, according to law, what a broker must review and manage while supervising licensees
Identify different options for when payment of compensation is due
Review the laws regulating advertising for both real property and real estate services
Explain what is covered in the Nevada Real Estate Division’s Broker Price Opinion (BPO) bulletin
Examine the trust account requirements
Review recordkeeping expectations

XXIX. Nevada Disclosure Requirements

Identify governing bodies that determine disclosures
Recite the Residential Disclosure’s Guide’s list of required disclosures
State the residential sales that are exempt from the disclosure requirement
Explain what is in the public offering statement
Discuss additional disclosures
Discuss events or facts that a licensee is not required to disclose

XXX. Nevada Real Estate Contracts

Review requirements for brokerage agreements
Name creators of forms and contracts for real estate transactions
List acceptable forms of payment for same day disbursement (Nevada Good Funds Law)
Discuss what must be included in every advance fee agreement in Nevada
Discuss requirements of purchase agreements

XXXI. Other Nevada Laws and Practices

Discuss requirements for written statement to obtain a Division permit
Define the two types of time share
List environmental issues that the seller is required to disclose
Define a homestead
Discuss conditions for property transfer
Review inclusions for property tax calculation
List protected classes, including the Nevada additions

XXXII. Real Estate Math

Add and multiply fractions
Convert decimals and percentages
Convert fractions and percentages
Multiplying using percentages
Calculate area of basic shapes
Calculate area from legal description
Calculate commission
Calculate Goodwill
Calculate Percentage of Listing Price
Calculate Earnest Money Deposits
Calculate Rent Escalations
Calculate FIRPTA Withholdings
Adjust Comparables for Appraisals
Calculate Income Capitalization
Calculate Loan Amounts, Rates, and Payments
Calculate Loan-to-Value Ratio
Calculate Income Underwriting Ratio
Calculate Debt Underwriting Ratio
Calculate Points
Calculate Appreciation
Calculate Equity
Calculate Pre-tax Cash Flow
Calculate Tax Liability
Calculate Annual Depreciation Expense
Calculate Capital Gain
Calculate Return, Rate of Return, and Investment Amount
Calculate Tax Rate
Calculate Special Assessments
Calculate Prorations

Florida 63-Hour Salesperson Pre-License Course Outline

I. The Real Estate Business

List the various various tasks involved in brokerage and the various areas of specialization available to practitioners
Characterize the key skills and proficiencies required for brokers to be competent professionals
Describe essential phases involved in real estate development and construction
Explain the key areas of real estate regulation and the critical focus areas of Florida regulatory bodies
Name the key trade associations and professional organizations comprising the real estate market

II. Florida Real Estate License Law and Qualifications for Licensure

Encapsulate the origins and recent evolutions of real estate legislation and brokerage oversight
Summarize the key distinctions between Florida’s authorized license types: sales associate, broker associate, and broker
Describe the regulatory requirements for license acquisition
Summarize the license application process and the key requirements for licensure in terms of education, background checks, and the application itself
Identify and distinguish between the licensing requirements for brokers and sales associates
Describe Florida’s regulations and requirements governing nonresident brokerage practice within the state
Summarize Florida’s continuing and post license education requirements and the related processes for renewing the license
Identify parties who are exempt from Florida licensure

III. License Law and Commission Rules

Characterize the structure, organization, and primary departmental functions of Florida’s real estate regulatory environment
Describe the structure and operating authorities granted to the Division of Real Estate and how the Division interfaces with other regulatory entities
Characterize the structural makeup and key authorities, purposes of the Florida Real Estate Commission (FREC)
Define the distinctions between the key forms of license status, their respective operational authorizations, and how to change between active and inactive status
Define and distinguish between group licenses and multiple licenses

IV. Authorized Florida Relationships, Duties and Disclosure

Describe the types of agency and the respective authorities’ agents are conferred within each type
Summarize the key concepts associated with agency in terms of agency agreements, how agency is created, and the general roles of the parties
List the key fiduciary duties imposed on agents within the agency relationship as they relate to the principal, or client, and the customer
Describe the disclosure duties imposed on agents in an agency relationship

V. Florida Real Estate Brokerage Activities and Procedures

Summarize Florida’s regulations impacting the officing of brokerages, permitted signage, and critical restrictions imposed on practitioners
Describe how to comply with advertising regulations in terms of the agent’s identity, identifying the broker/firm, internet restrictions, and solicitation requirements
Detail the regulatory restrictions imposed on licensees in handling, depositing, and accounting for transactional trust funds
Describe the process of resolving disputes in escrow disbursements according the regulatory guidelines
Summarize the key restrictions imposed in dealing with rental lists
Summarize the various jeopardies involved in representing a licensee’s areas of competence and permitted practices
Describe the essential regulations impacting the structuring and disclosure of the licensee’s commissions or other compensation
Identify the key procedures required for effecting changes in one’s license or business location
Identify what entities are allowed to be licensed in Florida and the key requirements for effecting licensure by entity
Explain the key compliance conditions for using trade names in Florida brokerage practice
Summarize the nature and consequences for misrepresentation and other fraudulent practices in Florida brokerage
Summarize several key ethical foundations undergirding professional practices in Florida brokerage in terms of disclosures, competition, agency relationships, conformance with standards

VI. Florida Violations of License Law, Penalties, and Procedures

Highlight the key benchmarks and milestones involved in adjudicating complaints occurring within the jurisdiction of Florida real estate license regulation
Summarize the steps leading up to investigations, hearings rulings and appeals
Identify the adjudicative limitations and alternative punitive measures available to FREC and the Division
Explain how complainants can obtain relief using the Real Estate Recovery Fund
Summarize the impact on the licensee of a Recovery Fund reimbursement to a complainant

VII. Federal and State Laws Pertaining to Real Estate

Summarize the overall thrust and purpose of federal and state fair housing laws as it relates to residential brokerage practice
List the salient laws that have formed the foundations of anti-discrimination in American housing practice
List and characterize the key discriminatory practices outlawed by fair housing and fair financing legislation
Describe the essential disclosures licensees must make to comply with fair housing practices, e.g., display of the Equal Housing Opportunity poster
List the protected classes cited by both federal and Florida fair housing law
Describe the central tenets of the Americans with Disabilities Act (ADA)
Enumerate the essential types of discrimination outlawed by fair housing laws
Summarize the key provisions of Florida Fair Housing Law
Summarize the key elements of the Florida Residential Landlord and Tenant Act

VIII. Property Rights

Define and distinguish the key terms of land, real estate, and real property
Identify the key differentiations between real property and personal property
List and characterize the rights included in the “bundle of rights”; distinguish between surface, air and subsurface rights
Define and differentiate riparian and littoral water rights
Differentiate between possessory and non-possessory interests in real estate
Differentiate between freehold and leasehold estates
Describe the principal forms of freehold and leasehold estates
Characterize and differentiate tenancy in common, joint tenancy, severalty, and tenancy by the entireties
Describe the four principal forms of leasehold estates
Define and differentiate ownership implications between condominiums and cooperatives
Describe the principal regulations impacting time shares development, marketing and contracting
Define a homeowners association and list what disclosures must be made in selling properties in HOA subdivisions
Characterize the essential elements and mechanics of Community Development Districts (CDDs)

IX. Title, Deeds and Ownership Restrictions

List the forms of voluntary and involuntary title transfers
List the key requirements underlying deed validity; deed completion and deed delivery
Differentiate between witnessed, holographic, approved and nuncupative wills
Summarize the key forms and processes of probating an estate
Define the key forms of involuntary title transfer
Identify the purpose and the two key forms of notice; actual and constructive
Summarize the essential forms of identifying ownership of real estate title
List, define the essential type of deeds and salient deed clauses
Define and cite the distinctions between police power, eminent domain, and taxation
Characterize the essential forms of private encumbrances, including easements, encroachments, licenses, deed restrictions and liens
Describe the central function and purpose of deed restrictions and conditions
Summarize the salient forms of easements, how they operate and how they are terminated
Describe the principal types of leases

X. Legal Descriptions

Summarize the essential purposes of legal descriptions and how they are used
Describe the essential characteristics and methodology of the metes and bounds method of legal descriptions
Describe the essential characteristics and methodology of the Rectangular Survey System method of legal descriptions
Define the key terms of parallels, ranges, tiers, meridians, townships, sections
Define the lot and block, or recorded plat map, method of descriptions
Define and describe the usage of datums, assessor’s parcel number, and assessment rolls
Define and characterize the applications of real estate surveys

XI. Real Estate Contracts

Define the essence of a contract and its validity requirements
Differentiate between valid, unenforceable, void and voidable contracts
Differentiate between oral vs. written; unilateral vs. bilateral; and executory vs. executed contracts
Summarize the contracting, offering and counter-offering process
Summarize contract creation and forms of contract termination
Characterize contract breaches and the types of legal remedies available to damaged parties
Define and describe the essential types of listings: exclusives, exclusive agency; opens; net listings
Summarize key provisions and requirements of listings
Describe the salient legal characteristics of the sale contract and how created
List the key provisions of sale contracts and the remedies for buyer or seller default
Summarize the purpose, essential provisions, and operating mechanics of the Sellers Real Property Disclosure Form
Summarize the essential disclosures required in completing a transaction, including radon, lead, energy efficiency, HOAs, flood zone, Transfer Disclosure Statement, environmental hazards
Explain the key mechanics, purposes and validity requirements of real estate options
Describe the key facets, mechanics and risks of installment sales contracts

XII. Residential Mortgages

Describe the key characteristics of, and provisions contained in, the note and mortgage instruments
Highlight the steps involved in the initiation and fulfillment of a mortgage transaction
Explain mortgage lien priority and its importance
List the key mechanical components of the mortgage loan
Characterize essential provisions of mortgages including origination fees, take-out commitments, payments, and assignment
Summarize ways to purchase mortgaged property
Explain and differentiate alternative foreclosure methods used to enforce mortgage lien defaults
Describe the nature and key characteristics of a short sale and how it differs from conventional conveyances

XIII. Types of Mortgages and Sources of Financing

Describe common mortgage features including down payments, LTVs, PMI, amortization and negative amortization
Characterize the unique facets of amortized loans, adjustable v fixed rate loans, and bi-weekly loans
Describe the distinguishing characteristics of purchase money mortgages; wraparounds, reverse annuity loans, interest-only loans, blanket loans and buydowns
Explain the unique characteristics of FHA loans, their benefits, and qualifying requirements
Describe the essential attributes of VA loans and how to qualify for them
Describe the defining aspects of the Equal Credit Opportunity Act and its underwriting prohibitions
Summarize the mortgage loan application process including the information required, underwriting qualifications, and the loan commitment
Describe the essential aspects of the primary mortgage market
Summarize the secondary mortgage market and how it provides liquidity to the primary market
Summarize the defining aspects and roles of the principal secondary market players including Fannie Mae, Freddie Mac, and Ginnie Mae
Identify salient types of mortgage fraud
Summarize the central thrusts of fair financing laws including TILA, Reg Z, ECOA, and RESPA

XIV. Real Estate Related Computations and Closing of Transactions

Describe the preliminary steps leading up to closing and the licensees role in assisting the principal parties
Summarize the key events that occur at closing including funds transfer, settlement, and title transfer
Describe how TILA and RESPA impact the closing process and disclosures
Summarize the financial aspects of the settlement statement in the closing
Explain the purpose and mechanics of prorations and what items are prorated
Define the various closing costs and taxes imposed by government jurisdictions at closing

XV. The Real Estate Markets and Analysis

Identify the unique physical characteristics of land and real estate
Summarize the unique economic facets of real estate in terms of supply and demand and price
Detail the unique underlying determinants of demand for real estate by type of real estate (retail, office, industrial)
Describe the relationship between real estate demand and the base employment in a market
Summarize the specific supply/demand interrelationships driving increases or decreases in prices
Describe the four stages of the supply-demand cycle

XVI. Real Estate Appraisal

Summarize how real estate appraisal practice is regulated in Florida and nationally via licensure and adherence to USPAP standards
Describe the role of FIRREA and the Appraisal Qualification Board in regulating appraisal practice in federally-related transactions
Define the various types of value that affect real estate practice
Explain the mechanics and key characteristics of the economic principles of highest and best use, contribution, progression, substitution and anticipation
List the basic steps in the appraisal process
Explain the essential steps in the sales comparison approach, the cost approach, and the income approach
Summarize the strengths and weaknesses of the three approaches to value
Explain the formulas for deriving the gross rent and gross income multipliers
Describe how to prepare a CMA and highlight the keys to making a more accurate CMA

XVII. Real Estate Investments and Business Brokerage Opportunity Brokerage

Summarize the basic considerations underlying the relative attractiveness and risk of a given investment, including risk, return, management, and liquidity
Highlight the essential types of investment risk that affect real estate investments
Describe the differences between income and non-income producing real estate investments
Summarize how income property investments work from a financial or investment perspective
Cite the investment benefits of a residential real estate investments in terms of appreciation, gain, and tax shelter
Summarize the key steps in deriving cash flow of an income-producing real estate investment
Describe how to derive the investment’s taxable income
Describe and differentiate the two types of business brokerage (asset vs. stock sale)
Identify the fundamental steps involved in the business brokerage transaction

XVIII. Taxes Affecting Real Estate

Identify the governmental entities/districts authorized to levy real estate taxes in Florida and which taxes they levy
Summarize the essential facets of ad valorem taxation in Florida in terms of tax schedule, due dates, tax rates, and deriving the tax bill for taxpayers
Describe and define immune property, exempted property, and the homestead exemption; how the homestead exemption works
Summarize how tax liens are enforced upon the non-payment of taxes by the homeowner
Describe the mechanics of federal capital gain taxation and how it works, including the exclusion for one’s principal residence
Explain how federal income taxation works for income-producing properties
Summarize the effects of installment sales and 1031 sales on federal capital gain taxation

XIX. Planning, Zoning and Environmental Hazards

List the various goals of public and private land use control
Describe the general purposes and process of public planning from master planning to zones, codes, and permits
Identify the general considerations underlying how a municipality handles community growth and infrastructure support
Describe the purpose of the Florida Growth Policy Act and Florida Community Planning Act
Describe what areas the master plan attempts to regulate and optimize, e.g., land use, traffic, neighborhoods
List the tools at the disposal of public planners enabling enforcement of the land use plan (codes, eminent domain, etc.)
List the tools at the disposal of public planners enabling enforcement of the land use plan (codes, eminent domain, etc.)
Characterize the essential actions of the Zoning Board of Adjustment; differentiate non-conforming uses, variances, special exceptions and amendments
Describe the basic mechanisms/tools for regulating subdivisions, commercial buildings, construction, and planned construction projects
Describe the regulatory process set forth by the National Flood Insurance Program to optimize measures for flood control
List essential, specific areas of concern in minimizing the adverse effects of environmental hazards
Identify specific statutes enacted to control air and water quality; waste disposal; site contamination remediation, and general environmental violations

XX. Real Estate Math

Add and multiply fractions
Convert decimals, fractions and percentages
Calculate area of basic shapes
Calculate area from legal description
Calculate commission
Calculate Goodwill
Calculate Percentage of Listing Price
Calculate Earnest Money Deposits
Calculate Rent Escalations
Calculate FIRPTA Withholdings
Adjust Comparables for Appraisals
Calculate Income Capitalization
Calculate Loan Amounts, Rates, and Payments
Calculate Loan-to-Value Ratio
Calculate Income/Debt Underwriting Ratio
Calculate Points, Appreciation and Equity
Calculate Pre-tax Cash Flow
Calculate Tax Liability
Calculate Annual Depreciation Expense
Calculate Capital Gain, Return, Rate of Return, and Investment Amount
Calculate Tax Rate, Special Assessment and Prorations

Tennessee 60-Hour Basic Principles of Real Estate

Basic Principles of Real Estate

I. The Real Estate Business

Describe real estate activities
Identify real estate professions
Define residential, commercial, investment
Identify primary brokerage activities
Define specializations
List skills & knowledge needed
Identify major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define air, surface, subsurface & water rights
Identify areas of government & judicial regulations

III. Interests & Estates

Define estates in real property
Define interests & estates in land,
Distinguish freehold from leasehold estates,
Describe types of fee simple estate,
Describe types of life estate,
Describe types of leasehold estate

IV. Ownership

Define the forms of ownership
Define sole ownership
Define & distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances & Liens

Define encumbrance
Identify types and priority of liens
Describe the types of lien
Define lien priority
Describe foreclosure processes
Describe the types of easements
Define deed restrictions

VI. Transferring & Recording Title

Distinguish legal & equitable title
Define actual and constructive notice
List & describe processes of voluntary & involuntary transfer
Describe components of a deed of conveyance
Identify types of deed
Identify types of will
Describe probate processes
Define title & title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning & Control

Describe the goals and process of land use planning
Describe the zoning & zoning appeals process
Define the types of zone
Describe the process of taking by eminent domain
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Interpret a metes and bounds description
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Calculate acreage of fractions of a section
Describe a section fraction
Interpret a rectangular survey description
Describe the recorded plat method
Describe the use of elevation reference points

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities & describe the tax treatment of real estate investments
Perform investment analysis and tax calculations

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Perform basic tax calculations
Describe the enforcement of tax liens

XX. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

XXI. Real Estate Licensing & Regulation

Describe the role of state license law
Describe the procedure & requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIII. Real Estate Math

Add and multiply fractions;
Convert decimals and percentages
Convert fractions and percentages
Multiplying using percentages
Calculate area of basic shapes
Calculate area from legal description
Calculate commission
Calculate Goodwill
Calculate Percentage of Listing Price
Calculate Earnest Money Deposits
Calculate Rent Escalations
Calculate FIRPTA Withholdings
Adjust Comparables for Appraisals
Calculate Income Capitalization
Calculate Loan Amounts, Rates, and Payments
Calculate Loan-to-Value Ratio
Calculate Income Underwriting Ratio
Calculate Debt Underwriting Ratio
Calculate Points
Calculate Appreciation
Calculate Equity
Calculate Pre-tax Cash Flow
Calculate Tax Liability
Calculate Annual Depreciation Expense
Calculate Capital Gain
Calculate Return, Rate of Return, and Investment Amount
Calculate Tax Rate
Calculate Special Assessments

XXIV. Tennessee Regulatory Environment

Define key terms
Describe the Tennessee Real Estate Commission
Identify the Complaint, Notification, and Hearing Process
Explain the Real Estate Education and Recovery Account

XXV. Tennessee Licensing Regulation

Define Activities Requiring a License
Describe License Types
Identify Licensing Requirements
Explain How to Maintain a License
Describe the License Renewal Process

XXVI. Tennessee Brokerage Regulation

Post- License Education Requirements
Renewal Procedures
Transfers, Assigned And Unassigned
Active And Inactive License Status
Continuing Education Requirements

XXVII. Tennessee Agency

Define General Tennessee Agency Laws
Describe Agency Disclosure Procedures
Explain Handling of Offers
Describe Material Facts Disclosure
Identify Additional Required Disclosures

XXVIII. Other Tennessee Laws

Describe Special Areas of Practice
Define Tennessee Property Management Laws
Define Tennessee Fair Housing and Human Rights Laws
Describe Tennessee Environmental Protection Laws
Describe Tennessee Antitrust Laws
Define Other Relevant Tennessee Laws

Tennessee 90-Hour Basic Principles of Real Estate and New Affiliates

Basic Principles of Real Estate

I. The Real Estate Business

Describe real estate activities
Identify real estate professions
Define residential, commercial, investment
Identify primary brokerage activities
Define specializations
List skills & knowledge needed
Identify major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define air, surface, subsurface & water rights
Identify areas of government & judicial regulations

III. Interests & Estates

Define estates in real property
Define interests & estates in land,
Distinguish freehold from leasehold estates,
Describe types of fee simple estate,
Describe types of life estate,
Describe types of leasehold estate

IV. Ownership

Define the forms of ownership
Define sole ownership
Define & distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances & Liens

Define encumbrance
Identify types and priority of liens
Describe the types of lien
Define lien priority
Describe foreclosure processes
Describe the types of easements
Define deed restrictions

VI. Transferring & Recording Title

Distinguish legal & equitable title
Define actual and constructive notice
List & describe processes of voluntary & involuntary transfer
Describe components of a deed of conveyance
Identify types of deed
Identify types of will
Describe probate processes
Define title & title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning & Control

Describe the goals and process of land use planning
Describe the zoning & zoning appeals process
Define the types of zone
Describe the process of taking by eminent domain
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Interpret a metes and bounds description
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Calculate acreage of fractions of a section
Describe a section fraction
Interpret a rectangular survey description
Describe the recorded plat method
Describe the use of elevation reference points

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities & describe the tax treatment of real estate investments
Perform investment analysis and tax calculations

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Perform basic tax calculations
Describe the enforcement of tax liens

XX. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

XXI. Real Estate Licensing & Regulation

Describe the role of state license law
Describe the procedure & requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIII. Real Estate Math

Add and multiply fractions;
Convert decimals and percentages
Convert fractions and percentages
Multiplying using percentages
Calculate area of basic shapes
Calculate area from legal description
Calculate commission
Calculate Goodwill
Calculate Percentage of Listing Price
Calculate Earnest Money Deposits
Calculate Rent Escalations
Calculate FIRPTA Withholdings
Adjust Comparables for Appraisals
Calculate Income Capitalization
Calculate Loan Amounts, Rates, and Payments
Calculate Loan-to-Value Ratio
Calculate Income Underwriting Ratio
Calculate Debt Underwriting Ratio
Calculate Points
Calculate Appreciation
Calculate Equity
Calculate Pre-tax Cash Flow
Calculate Tax Liability
Calculate Annual Depreciation Expense
Calculate Capital Gain
Calculate Return, Rate of Return, and Investment Amount
Calculate Tax Rate
Calculate Special Assessments

XXIV. Tennessee Regulatory Environment

Define key terms
Describe the Tennessee Real Estate Commission
Identify the Complaint, Notification, and Hearing Process
Explain the Real Estate Education and Recovery Account

XXV. Tennessee Licensing Regulation

Define Activities Requiring a License
Describe License Types
Identify Licensing Requirements
Explain How to Maintain a License
Describe the License Renewal Process

XXVI. Tennessee Brokerage Regulation

Post- License Education Requirements
Renewal Procedures
Transfers, Assigned And Unassigned
Active And Inactive License Status
Continuing Education Requirements

XXVII. Tennessee Agency

Define General Tennessee Agency Laws
Describe Agency Disclosure Procedures
Explain Handling of Offers
Describe Material Facts Disclosure
Identify Additional Required Disclosures

XXVIII. Other Tennessee Laws

Describe Special Areas of Practice
Define Tennessee Property Management Laws
Define Tennessee Fair Housing and Human Rights Laws
Describe Tennessee Environmental Protection Laws
Describe Tennessee Antitrust Laws
Define Other Relevant Tennessee Laws

New Affiliates Course

I. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

II. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

III. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

IV. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

V. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

VI. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

VII. Fair Housing & Antitrust

Describe Special Areas of Practice
Define Tennessee Property Management Laws
Define Tennessee Fair Housing and Human Rights Laws
Describe Tennessee Environmental Protection Laws
Describe Tennessee Antitrust Laws
Define Other Relevant Tennessee Laws

VIII. Risk Reduction

Define risk & risk management;
Explain the four basic risk management strategies;
Describe the four primary risk management procedures in real estate practice;
Identify the primary risk areas for real estate licensees

IX. TREC Laws/Rules/Policies

Define key terms
Describe the Tennessee Real Estate Commission
Identify the Complaint, Notification, and Hearing Process
Explain the Real Estate Education and Recovery Account
Define Activities Requiring a License
Describe License Types
Identify Licensing Requirements
Explain How to Maintain a License
Describe the License Renewal Process
Define the Broker Salesperson Relationship
Describe Trust Accounts
Identify Record Keeping/Handling of Records Requirements
Explain Advertising and Marketing Laws
Describe Tennessee Sales Contract Requirements
Identify Other Brokerage Requirements
Define General Tennessee Agency Laws
Describe Agency Disclosure Procedures
Explain Handling of Offers
Describe Material Facts Disclosure
Identify Additional Required Disclosures

X. Residential/Commercial/Rental Property Management

Describe the major functions of the property manager;
Identify the nature and components of a management agreement;
Describe elements of various lease types of most interest to a property manager;
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XI. Ethics & Etiquette

Identify and describe the fair housing laws & fair financing laws;
Identify fair housing and financing problem areas for real estate agents;
Identify acceptable ethical and professional practices

XII. Finance

Describe the process of a real estate closing;
Describe the requirements of RESPA;
Define buyer’s & seller’s debits and credits;
Define and calculate prorations;
Identify and calculate taxes due at closing;
Complete a closing statement

Pennsylvania 75-Hour Pre-License Course

I. The Real Estate Business

Describe real estate activities
Identify real estate professions
Define residential, commercial, investment
Identify primary brokerage activities
Define specializations
List skills & knowledge needed
Identify major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define air, surface, subsurface & water rights
Identify areas of government & judicial regulations

III. Interests & Estates

Define estates in real property
Define interests & estates in land,
Distinguish freehold from leasehold estates,
Describe types of fee simple estate,
Describe types of life estate,
Describe types of leasehold estate

IV. Ownership

Define the forms of ownership
Define sole ownership
Define & distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances & Liens

Define encumbrance
Identify types and priority of liens
Describe the types of lien
Define lien priority
Describe foreclosure processes
Describe the types of easements
Define deed restrictions
Define encroachment

VI. Transferring & Recording Title

Distinguish legal & equitable title
Define actual and constructive notice
List & describe processes of voluntary & involuntary transfer
Describe components of a deed of conveyance
Identify types of deed • Identify types of will
Describe probate processes
Define title & title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning & Control

Describe the goals and process of land use planning
Describe the zoning & zoning appeals process
Define the types of zone
Describe the process of taking by eminent domain
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Interpret a metes and bounds description
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Calculate acreage of fractions of a section
Describe a section fraction
Interpret a rectangular survey description
Describe the recorded plat method
Describe the use of elevation reference points

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities & describe the tax treatment of real estate investments
Perform investment analysis and tax calculations

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Perform basic tax calculations
Describe the enforcement of tax liens

XX. Ethics: Laws & Practices

Identify and describe the fair housing laws & fair financing laws
Identify fair housing and financing problem areas for real estate agents
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

XXII. Real Estate Licensing & Regulation

Describe the role of state license law
Describe the procedure & requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager
Identify the nature and components of a management agreement
Describe elements of various lease types of most interest to a property manager
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. The State Real Estate Commission

Recall the duties and powers of the Pennsylvania State Real Estate Commission
Describe the complaint and investigation processes
Describe the hearings and appeals processes
Identify the purpose of the Real Estate Recovery Fund

XXVI. Pennsylvania Licensure

List the activities requiring licensure
List the types of license
Identify who is eligible for a license
Explain the license renewal and reactivation process
Describe the process to change employment
List exclusions from licensure
Define suspension and revocation

XXVII. Pennsylvania Regulation of Conduct Part 1

Describe the PA advertising laws
Define the broker/salesperson relationship specific to PA
Define the agency relationships specific to PA
Identify how licensees receive compensation
List the general duties of licensees
Identify prohibited conduct

XXVIII. Pennsylvania Regulation of Conduct Part 2

List mandatory disclosures
Identify documents, contracts, forms and how they should be used;
Describe the method for maintaining funds and accounts;
Recall office requirements and inspections;
Describe the PA Human Relationships Act
Identify specific requirements for Time-Shares

XXIX. Real Estate Mathematics

Practice using basic equations to solve real estate mathematical problems

Oklahoma 90-Hour Pre-License Course

I. The Real Estate Business

Describe real estate activities
Identify real estate professions
Define residential, commercial, investment
Identify primary brokerage activities
Define specializations
List skills & knowledge needed
Identify major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define air, surface, subsurface & water rights
Identify areas of government & judicial regulations

III. Interests & Estates

Define estates in real property
Define interests & estates in land,
Distinguish freehold from leasehold estates,
Describe types of fee simple estate,
Describe types of life estate,
Describe types of leasehold estate

IV. Ownership

Define the forms of ownership
Define sole ownership
Define & distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances & Liens

Define encumbrance
Identify types and priority of liens
Describe the types of lien
Define lien priority
Describe foreclosure processes
Describe the types of easements
Define deed restrictions
Define encroachment

VI. Transferring & Recording Title

Distinguish legal & equitable title
Define actual and constructive notice
List & describe processes of voluntary & involuntary transfer
Describe components of a deed of conveyance
Identify types of deed
Identify types of will
Describe probate processes
Define title & title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning & Control

Describe the goals and process of land use planning
Describe the zoning & zoning appeals process
Define the types of zone
Describe the process of taking by eminent domain
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Interpret a metes and bounds description
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Calculate acreage of fractions of a section
Describe a section fraction
Interpret a rectangular survey description
Describe the recorded plat method
Describe the use of elevation reference points

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities & describe the tax treatment of real estate investments
Perform investment analysis and tax calculations

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Perform basic tax calculations
Describe the enforcement of tax liens

XX. Ethics: Laws and Practices

Identify and describe the fair housing laws & fair financing laws;
Identify fair housing and financing problem areas for real estate agents;
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

XXII. Real Estate Licensing & Regulation

Describe the role of state license law
Describe the procedure & requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager;
Identify the nature and components of a management agreement;
Describe elements of various lease types of most interest to a property manager;
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. Oklahoma Laws and Rules

Authority of the Real Estate Commission
Acts of the Associates
Associate License Requirements
Advertising Regulations (including internet, social networking)
Contract Law and Statute of Frauds
Disclosure of Licensed Status
License Maintenance Requirements
Complaint Process
Duty to Account
License Transfer and Inactive Status
OREC Notification Requirements

XXVI. Oklahoma Broker Relationships Act

Duties Owed to All Parties
Duties Owed to Party to Whom Brokerage Services are Provided.
Broker-Salesperson Relationships
Tenant-Licensee Relationship
Confidentiality
Duties that Survive End of Brokerage Relationship
Definitions
Disclosures Regarding Brokerage Duties and Services

XXVII. Oklahoma Property Management

License Requirements and Exemptions
Requirements under the Oklahoma Broker
Relationships Act
Property Management Agreements
Residential/Non-Residential Landlord and Tenant Act
Trust Accounts and Security Deposits
Duties of a Landlord
Personal Property Disposition
Terms of Lease
Eviction/Termination of Tenancy

XXVIII. Oklahoma Real Estate Disclosures and Hazards

Residential Property Disclosure Statement
Residential Property Disclaimer Statement
Licensees Duties
Exemptions
Psychologically Impacted Property

North Carolina 75-Hour Course Outline

I. The Real Estate Business

Describe real estate activities
Identify real estate professions
Define residential, commercial, investment
Identify primary brokerage activities
Define specializations
List skills & knowledge needed
Identify major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define air, surface, subsurface & water rights
Identify areas of government & judicial regulations

III. Interests & Estates

Define estates in real property
Define interests & estates in land,
Distinguish freehold from leasehold estates,
Describe types of fee simple estate,
Describe types of life estate,
Describe types of leasehold estate

IV. Ownership

Define the forms of ownership
Define sole ownership
Define & distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances & Liens

Define encumbrance
Identify types and priority of liens
Describe the types of lien
Define lien priority
Describe foreclosure processes
Describe the types of easements
Define deed restrictions
Define encroachment

VI. Transferring & Recording Title

Distinguish legal & equitable title
Define actual and constructive notice
List & describe processes of voluntary & involuntary transfer
Describe components of a deed of conveyance
Identify types of deed • Identify types of will
Describe probate processes
Define title & title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning & Control

Describe the goals and process of land use planning
Describe the zoning & zoning appeals process
Define the types of zone
Describe the process of taking by eminent domain
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Interpret a metes and bounds description
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Calculate acreage of fractions of a section
Describe a section fraction
Interpret a rectangular survey description
Describe the recorded plat method
Describe the use of elevation reference points

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities & describe the tax treatment of real estate investments
Perform investment analysis and tax calculations

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Perform basic tax calculations
Describe the enforcement of tax liens

XX. Ethics: Laws & Practices

Identify and describe the fair housing laws & fair financing laws
Identify fair housing and financing problem areas for real estate agents
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

XXII. Real Estate Licensing & Regulation

Describe the role of state license law
Describe the procedure & requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager
Identify the nature and components of a management agreement
Describe elements of various lease types of most interest to a property manager
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. NC License Regulation

Identify activities requiring licensure
Identify exemptions to licensure
Describe activities permitted without a license
List all license types

XXVI. NC License Requirements

Describe the general licensing requirements
Describe the application process
Define business entities
Understand the license term & expiration
Understand the education requirements
Understand the continuing education requirements

XXVII. NC License Status, Violations & Discipline

Describe licensing status
Understand hearing procedure for complaints
Describe regulation of appraisals
Define NC Real Estate Education & Recovery Fund

XXVIII. NC Agency Relationships

Understand agency relationships
Understand agency agreements

XXIX. NC Brokerage Practice Regulation

Understand brokerage practice & ethics
Describe essential regulations & guidelines regarding commissions
Identify rules & procedures for handling documents
Describe trust accounts
Understand non-agency disclosures
Define drafting instruments
Identify CMA & BPO regulations

XXX. NC Sales Contracts

Describe NC Contracts & addenda
Understand offer to purchase & contract

XXXI. NC Property Management

Define property management
Understand landlord-tenant relations
Identify NC Vacation Rental Act
Identify rental notice & document handling

XXXII. NC Property Insurance

Understand basic insurance concepts
Identify standard policy features
Define Flood Insurance
Describe insurance issues

XXXIII. Other NC Laws & Practices

Identify rights in Real Estate
Define ownership
Understand encumbrances & liens
Define transferring & recording title
Describe land use planning & control
Understand real estate contract law
Define recording
Identify construction-related issues
Understand real estate finance
Describer real estate taxation
Define ethics
Understand closings

XXXIV. Real Estate Mathematics

Practice using basic equations to solve real estate mathematical problems

Missouri 72-Hour Pre Examination and Practice Course Course Outline

Missouri Pre Examination Course (48 Hours)

I. The Real Estate Business

Describe real estate activities
Identify real estate professions
Define residential, commercial, investment
Identify primary brokerage activities
Define specializations
List skills & knowledge needed
Identify major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define air, surface, subsurface & water rights
Identify areas of government & judicial regulations

III. Interests & Estates

Define estates in real property
Define interests & estates in land,
Distinguish freehold from leasehold estates,
Describe types of fee simple estate,
Describe types of life estate,
Describe types of leasehold estate

IV. Ownership

Define the forms of ownership
Define sole ownership
Define & distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances & Liens

Define encumbrance
Identify types and priority of liens
Describe the types of lien
Define lien priority
Describe foreclosure processes
Describe the types of easements
Define deed restrictions
Define encroachment

VI. Transferring & Recording Title

Distinguish legal & equitable title
Define actual and constructive notice
List & describe processes of voluntary & involuntary transfer
Describe components of a deed of conveyance
Identify types of deed
Identify types of will
Describe probate processes
Define title & title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning & Control

Describe the goals and process of land use planning
Describe the zoning & zoning appeals process
Define the types of zone
Describe the process of taking by eminent domain
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Interpret a metes and bounds description
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Calculate acreage of fractions of a section
Describe a section fraction
Interpret a rectangular survey description
Describe the recorded plat method
Describe the use of elevation reference points

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities
Describe the tax treatment of real estate investments
Perform basic real estate investment analysis and tax calculations

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Perform basic tax calculations
Describe the enforcement of tax liens

XX. Ethics: Laws & Practices

Identify and describe the fair housing laws & fair financing laws
Identify fair housing and financing problem areas for real estate agents
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

XXII. Real Estate Licensing & Regulation

Describe the role of state license law
Describe the procedure & requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager
Identify the nature and components of a management agreement
Describe elements of various lease types of most interest to a property manager
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. Missouri Rules

Define terms as listed in Chapter 339 of the Missouri Statutes
Describe the organization of RE Commission according to Missouri Rules 2250
Recall licensing requirements according to Missouri Rules 2250
Identify educational requirements according to Missouri Rules 2250

XXVI. Missouri Business Conduct & Practices

Recognize Missouri rules with regard to branch offices, personnel, advertising, listings, offers, earnest money, commission, and agency disclosure
Identify actions that constitute improper use of license and office
Recognize standard forms and when to use them

XXVII. Missouri Disciplinary Proceedings

Describe the complaint and investigation process.
Distinguish between actions by the MREC and the AHC, and when cases are sent to each
Define violations
Recognize penalties for violations

XXVIII. Missouri Closings & Computations

Prepare closing documents and calculate costs

Missouri Practice Course (24 Hours)

I. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

II. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

III. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

IV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed V. Appraising & Estimating Value
Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

VI. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

VII. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

VIII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

IX. Types of Construction

Identify characteristics for styles of residential construction
List components of residential construction
Recognize common materials in home building

Georgia 75 Hour Course Outline

I. The Real Estate Business

Describe real estate activities
Identify real estate professions
Define residential, commercial, investment
Identify primary brokerage activities
Define specializations
List skills & knowledge needed
Identify major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define air, surface, subsurface & water rights
Identify areas of government & judicial regulations

III. Interests & Estates

Define estates in real property
Define interests & estates in land,
Distinguish freehold from leasehold estates,
Describe types of fee simple estate,
Describe types of life estate,
Describe types of leasehold estate

IV. Ownership

Define the forms of ownership
Define sole ownership
Define & distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances & Liens

Define encumbrance
Identify types and priority of liens
Describe the types of lien
Define lien priority
Describe foreclosure processes
Describe the types of easements
Define deed restrictions
Define encroachment

VI. Transferring & Recording Title

Distinguish legal & equitable title
Define actual and constructive notice
List & describe processes of voluntary & involuntary transfer
Describe components of a deed of conveyance
Identify types of deed
Identify types of will
Describe probate processes
Define title & title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning & Control

Describe the goals and process of land use planning
Describe the zoning & zoning appeals process
Define the types of zone
Describe the process of taking by eminent domain
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Interpret a metes and bounds description
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Calculate acreage of fractions of a section
Describe a section fraction
Interpret a rectangular survey description
Describe the recorded plat method
Describe the use of elevation reference points

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities & describe the tax treatment of real estate investments
Perform investment analysis and tax calculations

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Perform basic tax calculations
Describe the enforcement of tax liens

XX. Ethics: Laws and Practices

Identify and describe the fair housing laws & fair financing laws;
Identify fair housing and financing problem areas for real estate agents;
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

XXII. Real Estate Licensing & Regulation

Describe the role of state license law
Describe the procedure & requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager;
Identify the nature and components of a management agreement;
Describe elements of various lease types of most interest to a property manager;
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. Georgia Licensing Regulation & Enforcement

Definitions
The Real Estate Commission
License Requirements
Disciplinary Actions
Violations & Unfair Trade Practices

XXVI. Georgia Brokerage Regulation

BRRETA
Management Responsibilities
Managing Trust Accounts
Advertising
Handling Transactions

XXVII. Other Georgia Laws

Taxes and Liens
Foreclosures
Owner’s Rights
Mortgage Instruments
Leases
Basic Requirements
Rights and Duties
Security Deposits
Fair Practices and Anti-Trust Issues
Condominiums
Timeshare Code
Miscellaneous Laws
Georgia Variations on National Practices

XXVIII. Real Estate Math

Add and multiply fractions;
Multiplying using percentages
Calculate area of basic shapes
Calculate area from legal description
Calculate commission
Calculate Goodwill
Calculate Percentage of Listing Price
Calculate Earnest Money Deposits
Calculate Rent Escalations
Calculate FIRPTA Withholdings
Adjust Comparables for Appraisals
Calculate Income Capitalization
Calculate Loan Amounts, Rates, and Payments
Calculate Loan-to-Value Ratio
Calculate Income Underwriting Ratio
Calculate Debt Underwriting Ratio
Calculate Points
Calculate Appreciation
Calculate Equity
Calculate Pre-tax Cash Flow
Calculate Tax Liability
Calculate Annual Depreciation Expense
Calculate Capital Gain
Calculate Return, Rate of Return, and Investment Amount
Calculate Tax Rate
Calculate Special Assessments
Calculate Prorations

Kansas Principles of Real Estate Course Outline (30 Hours)

I. Real Property
Real Estate Activities:

Describe real estate activities
- Identify real estate professions
- Define residential, commercial, investment
- Identify primary brokerage activities
- Define specializations
- List skills & knowledge needed
- Identify major professional organizations
- Identify regulated areas
- List general areas of license law

Elements of Real Property:

Define elements of real property
- Distinguish categories of real property
- Define land and real estate,
- Identify the bundle of rights,
- Define air, surface, subsurface &water rights,
- Identify areas of government & judicial regulations

Methods of Legal Description:

Define the methods of legal description
- Describe the metes and bounds method,
- Interpret a metes and bounds description,
- Describe the rectangular survey method,
- Identify ranges, tiers and townships,
- Identify sections of a township,
- Calculate acreage of fractions of a section,
- Describe a section fraction,
- Interpret a rectangular survey description,
- Describe the recorded plat method,
- Describe the use of elevation reference points

Estates in Real Property:

Define estates in real property
- Define interests & estates in land,
- Distinguish freehold from leasehold estates,
- Describe types of fee simple estate,
- Describe types of life estate,
- Describe types of leasehold estate

Forms of Ownership:

Define the forms of ownership
- Define sole ownership,
- Define & distinguish forms of co-ownership,
- Describe how joint tenancy is created,
- Define the mechanics of an estate in trust,
- Identify the features of a land trust,
- Define condominium ownership,
- Define cooperative ownership,
- Define time-share ownership

Transfer/Alienation of Real Property:

Defines, list & describe processes of voluntary transfer AND define, list & describe processes of involuntary transfer
- Distinguish legal &equitable title,
- Define actual and constructive notice,
- Describe components of a deed of conveyance,
Identify types of deed,
Describe characteristics and elements of deeds
- Identify types of will,
- Describe probate processes,
Define warranties
Describe assurances of title
- Define title & title records

Land Use Controls:

Define public land use controls
- Describe the goals and process of land use planning,
- Describe the zoning & zoning appeals process,
- Define the types of zone,
- Describe the process of taking by eminent domain,
- Describe the major environmental legislation,
Describe the major types of private land use control

Encumbrances:

Define encumbrance
Identify types and priority of liens
- Describe the types of lien,
- Define lien priority,
- Describe foreclosure processes
Describe easements
- Define deed restrictions
Define encroachment

II. Government Controls and Laws Affecting Real Estate

Real Property Tax Computations:

Perform basic tax calculations
- Identify taxing entities
- Describe ad valorem taxation

Income Tax Considerations and Computations:

Owner-occupied property
- Describe the investment characteristics of real estate
Investment property
- Identify investment entities,
- Describe the tax treatment of real estate investments
- Perform basic real estate investment analysis and tax calculations
Other income tax considerations
- Refinance
- Capital gains on sale

Federal Fair Housing & ADA:

Identify and describe the fair housing laws & fair financing laws
Identify fair housing and financing problem areas for real estate agents
Identify and describe aspects of the American with Disabilities Act

III. Valuation and Appraisal

Types of value
- Define real estate value
Principles of value
- Describe economic foundations of real estate value
- Identify major types of value
Influences on value
- Define market value
Describe approaches to value
- Define comparative market analysis
Describe the appraisal process
- Define appraisal
- Perform basic calculations used in appraisal
- Identify regulated appraisal activities and professional standards

IV. Real Estate Finance

Financing components
- Define mortgage financing
- Calculate loan financial components
- Describe the underwriting & loan application processes
Sources
Describe the primary & secondary mortgage markets
Elements/Provisions
- Describe loan transactions
- Calculate the loan amount for which a borrower qualifies
Loan Types
- Describe common loan types and structures
Instruments
- Notes
- Identify major elements of mortgages
- Identify major elements of deeds of trust
Lender Requirements
Truth in Lending
- Describe the major laws that affect mortgage lending
Other Financing Issues

V. Settlement/Closing

Settlement Procedures
- Describe the process of a real estate closing
Documents
- Identify and calculate taxes due at closing,
- Complete a closing statement
RESPA
- Describe the requirements of RESPA
Closing Costs/Pro-rations
- Define buyer’s & seller’s debits and credits
- Define and calculate pro-rations

VI. Contracts/Agency

Agency:

Agency Relationships and Responsibilities
- Define the agency relationship
- Describe the fiduciary duties of agency
Types/Characteristics
- Identify the forms of real estate agency
Elements/Requirements
- Describe the rules of agency disclosure
- Identify problem areas for real estate agents

Listing Contracts:

Types
- Identify the types of listing agreement
- Identify the basic provisions of a listing agreement
- Describe the basis of listing agreements in contract and agency law
Rights and Obligations of the Parties
- Describe how an agent fulfills an agreement and earns compensation
Specific Property Data
Termination/Expirations

Purchase/Sales Contract:

Purchase/Sales Contract:
- Describe the characteristics and provisions of a contract for sale,
- Describe the characteristics and provisions of an option-to-buy contract,
- Describe the characteristics of a contract for deed
Disclosures
- Property
- Agency
- Environmental
- Federal Fair Housing

Property Management Contracts:

Management contracts
- Describe the major functions of the property manager
- Identify the nature and components of a management agreement
- Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers
- Describe elements of various lease types of most interest to a property manager

Lease/Rental Agreements:

Leases/Rental Agreements
- Identify the principal types of leasehold estates,
- List the rights & obligations of landlord and tenant,
- List the legal requirements of a lease contract,
- Describe major lease clauses,
- Define the major types of lease,
- Define default and termination,
- Describe the areas regulated by URLTA

BRRETA:

Brokerage Relationships in Real Estate Transactions
- Define terms found in BRRETA
- Describe agency agreements
- Illustrate misrepresentation
- Define what licensees can’t do
- Describe exclusive right to sell
- Define ‘who is doing what and for whom’
- Describe licensee duties
- Describe compensation
- Define termination of relationships

VII. Duties and Powers of the Kansas Real Estate Commission

Duties and powers of KREC
- Identify general powers and duties
- Describe membership
Examination of records
- Describe examination of records
Investigations, hearings, and appeals
- Describe investigations, hearings, and appeals

VIII. Kansas Licensing Requirements

Activities requiring a license
- Identify activities requiring a license
Exemptions from licensure
Qualifications, examinations, denial of license
Nonresident license
Restricted license
Corporations, partnerships, associations, and LLCs
Temporary license
Renewal of license
Education requirements
Change in license
Deactivated “inactive” license

IX. Requirements Governing Activities of Licensees

Prohibited acts
- Describe prohibited acts and penalties for violations
Place of business and company names
- Define place of business and company name
Handling of trust funds and accounts
- Describe handling of trust funds and accounts
Records
- Describe record maintenance
Recommending legal advice
- Illustrate recommending legal advice
Reporting requirements
- Describe reporting requirements
Advertising
- Illustrate advertising requirements

X. Penalties for Violations

Penalties for Violations
- License revocation
- Suspension and restriction
- Censure of license
- Civil fines
- Criminal Prosecution

XI. Kansas Real Estate Recovery Revolving Fund

KS Recovery Revolving Fund
- Describe the conditions required to recover funds
- Define reimbursement

Indiana Real Estate Pre License 90-Hour Course Outline

I. The Real Estate Business

Describe real estate activities
Identify real estate professions
Define residential, commercial, investment
Identify primary brokerage activities
Define specializations
List skills & knowledge needed
Identify major professional organizations
Identify regulated areas
List general areas of license law

II. Rights in Real Estate

Define land and real estate
Distinguish categories of property
Identify the bundle of rights
Define air, surface, subsurface & water rights
Identify areas of government & judicial regulations

III. Interests & Estates

Define estates in real property
Define interests & estates in land,
Distinguish freehold from leasehold estates,
Describe types of fee simple estate,
Describe types of life estate,
Describe types of leasehold estate

IV. Ownership

Define the forms of ownership
Define sole ownership
Define & distinguish forms of co-ownership
Describe how joint tenancy is created
Define the mechanics of an estate in trust
Identify the features of a land trust
Define condominium ownership
Define cooperative ownership
Define time-share ownership

V. Encumbrances & Liens

Define encumbrance
Identify types and priority of liens
Describe the types of lien
Define lien priority
Describe foreclosure processes
Describe the types of easements
Define deed restrictions
Define encroachment

VI. Transferring & Recording Title

Distinguish legal & equitable title
Define actual and constructive notice
List & describe processes of voluntary & involuntary transfer
Describe components of a deed of conveyance
Identify types of deed • Identify types of will
Describe probate processes
Define title & title records
Describe the forms of title evidence

VII. Real Estate Leases

Identify the principal types of leasehold estates
List the rights & obligations of landlord and tenant
List the legal requirements of a lease contract
Describe major lease clauses
Define the major types of lease
Define default and termination
Describe the areas regulated by URLTA

VIII. Land Use Planning & Control

Describe the goals and process of land use planning
Describe the zoning & zoning appeals process
Define the types of zone
Describe the process of taking by eminent domain
Describe the major environmental legislation
Describe the major types of private land use control

IX. Legal Descriptions

Define legal description
Describe the metes and bounds method
Interpret a metes and bounds description
Describe the rectangular survey method
Identify ranges, tiers and townships
Identify sections of a township
Calculate acreage of fractions of a section
Describe a section fraction
Interpret a rectangular survey description
Describe the recorded plat method
Describe the use of elevation reference points

X. Real Estate Contract Law

Identify the basic legal concepts of contracts
Describe requirements for contract validity
Describe the creation & termination of contracts

XI. Agency

Define the agency relationship
Describe the fiduciary duties of agency
Identify the forms of real estate agency
Describe the rules of agency disclosure
Identify problem areas for real estate agents

XII. Listing Agreements

Describe the basis of listing agreements in contract and agency law
Identify the types of listing agreement
Describe how an agent fulfills an agreement and earns compensation
Identify the basic provisions of a listing agreement

XIII. The Brokerage Business

Identify the activities, scope & organization of brokerage
Identify who may/may not broker real estate
Define broker-salesperson relationships
Calculate a commission split

XIV. Contracts for the Sale of Real Estate

Describe the characteristics and provisions of a contract for sale
Describe the characteristics and provisions of an option-to-buy contract
Describe the characteristics of a contract for deed

XV. Real Estate Market Economics

Describe the elements of the market system
Define the economic characteristics of real estate
Describe real estate supply and demand

XVI. Appraising & Estimating Value

Define real estate value
Describe economic foundations of real estate value
Identify major types of value
Define market value
Define appraisal
Describe the appraisal process
Describe the three approaches to value
Define comparative market analysis
Perform basic calculations used in appraisal
Identify regulated appraisal activities and professional standards

XVII. Real Estate Finance

Define mortgage financing
Describe loan transactions
Calculate loan financial components
Identify major elements of mortgage & trust deed
Describe the underwriting & loan application processes
Describe the major laws that affect mortgage lending
Calculate the loan amount for which a borrower qualifies
Describe the primary & secondary mortgage markets
Describe common loan types and structures

XVIII. Real Estate Investment

Describe the investment characteristics of real estate
Identify investment entities & describe the tax treatment of real estate investments
Perform investment analysis and tax calculations

XIX. Real Estate Taxation

Identify taxing entities
Describe ad valorem taxation
Perform basic tax calculations
Describe the enforcement of tax liens

XX. Ethics: Laws & Practices

Identify and describe the fair housing laws & fair financing laws
Identify fair housing and financing problem areas for real estate agents
Identify acceptable ethical and professional practices

XXI. Closings

Describe the process of a real estate closing
Describe the requirements of RESPA
Define buyer’s & seller’s debits and credits
Define and calculate prorations
Identify and calculate taxes due at closing
Complete a closing statement

XXII. Real Estate Licensing & Regulation

Describe the role of state license law
Describe the procedure & requirements for obtaining and retaining a real estate license
Identify services requiring a license
Identify the types of real estate license
Describe the role of the state real estate commission

XXIII. Risk Management

Define risk & risk management
Explain the four basic risk management strategies
Describe the four primary risk management procedures in real estate practice
Identify the primary risk areas for real estate licensees

XXIV. Property Management

Describe the major functions of the property manager
Identify the nature and components of a management agreement
Describe elements of various lease types of most interest to a property manager
Identify sources of management business, the role of the management plan in securing business, and sources of professional training for property managers

XXV. The Indiana Regulatory Environment

Definitions
The Real Estate Commission
License Law Enforcement
Recovery Fund
Investigative Fund

XXVI. Acquiring an Indiana Real Estate License

Activities Requiring Licensure
Exemptions And Waivers
License Requirements
Special License Types
Application Procedures

XXVII. Maintaining an Indiana License

Post- License Education Requirements
Renewal Procedures
Transfers, Assigned And Unassigned
Active And Inactive License Status
Continuing Education Requirements

XXVIII. Indiana Agency Relationships

Nature Of The Relationship
Permissible Relationships
Duties
Disclosures
Termination Of Agency Relationship
Listing Agreements

XXIX. Indiana Brokerage Practice Regulation

Managing Broker
Broker / Managing Broker Relationship
Listing Agreements And Offers To Purchase
Professional Standards Of Conduct
Advertising
Fee Appraisals And Broker’s Price Opinions (BPOs)

XXX. Office Administration & Supervision

Office Procedures, Policy Manual
Documents And Records
Trust Accounts
Place Of Business Requirements
Unlicensed Assistants
Closing Procedures

XXXI. Other Laws Affecting Indiana Practice

Seller’s Residential Property Condition Disclosure
Psychologically Affected Properties
Appraisal Licensing Requirements
Distressed Property Sales
Dodd-Frank Act

XXXII. Insurance, Warranties, Inspections

Basic Insurance Concepts
Standard Policy Features
Home Warranties
Inspection Basics

XXXIII. Federal Income Tax Impacts

Definitions
Income Tax Deductions
Mortgage Interest Credit
Sale Of Personal Residence

Daily Archives: May 2, 2018

What Will the New Tax Laws Mean for Real Estate?

30-Hour Principles of Real Estate

30-Hour Real Estate Practice

South Carolina 30 Hour Unit II Advanced Principles Course

Illinois 15-Hour Illinois Broker Pre-License Applied Real Estate Principles

Basic Principles of Real Estate

Basic Principles of Real Estate

New Affiliates Course

Missouri Pre Examination Course (48 Hours)

Missouri Practice Course (24 Hours)

Kansas Principles of Real Estate Course Outline (30 Hours)