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  • Get Licensed
    • Alabama
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Daily Archives: August 9, 2018

Couple signing a real estate document.

What Real Estate Agents Should Know about Bump Clauses

newsBy PDH StaffAugust 9, 2018

Even if you are not familiar with real estate contracts, you might have heard of a bump clause. Real estate professionals often write bump clauses into contracts to allow a buyer to continue marketing a property even after receiving a bid. Sellers who receive better deals can then bump their original buyers. Ultimately, a bump…

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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

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

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

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

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

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

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

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

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

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

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

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

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

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
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