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Monthly Archives: October 2020

Part-Time vs Full-Time Real Estate Agents

newsBy Megan TullyOctober 30, 2020

If you’ve been considering a career in real estate, you might be wondering which route is best: working as a part time real estate agent or a full time real estate agent. There are certainly pros and cons to both, but the choice is ultimately up to you with how much time and energy you…

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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

Alabama Salesperson Pre-License Course Outline

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests & Estates

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

IV. Ownership

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

V. Encumbrances & Liens

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

VI. Transferring & Recording Title

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

VII. Real Estate Leases

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

VIII. Land Use Planning & Control

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

IX. Legal Descriptions

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

X. Real Estate Contract Law

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

XI. Agency

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

XII. Listing Agreements

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

XIII. The Brokerage Business

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

XIV. Contracts for the Sale of Real Estate

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

XV. Real Estate Market Economics

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

XVI. Appraising & Estimating Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

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

XX. Ethics: Laws & Practices

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

XXI. Closings

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

XXII. Real Estate Licensing & Regulation

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

XXIII. Risk Management

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

XXIV. Property Management

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

XXV. Alabama Regulatory Environment 

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

XXVI. Alabama Licensing Regulation 

  • Identify AL Licensing Requirements
  • Explain AL License Statuses

XXVII. Alabama Brokerage Regulation 

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

XXVIII. Alabama Agency 

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

XXIX. Alabama License Law Violations 

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

Arizona 90-Hour Salesperson Pre-License Course Outline

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests & Estates

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

IV. Ownership

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

V. Encumbrances & Liens

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

VI. Transferring & Recording Title

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

VII. Real Estate Leases

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

VIII. Land Use Planning & Control

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

IX. Legal Descriptions

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

X. Real Estate Contract Law

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

XI. Agency

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

XII. Listing Agreements

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

XIII. The Brokerage Business

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

XIV. Contracts for the Sale of Real Estate

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

XV. Real Estate Market Economics

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

XVI. Appraising & Estimating Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

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

XX. Ethics: Laws & Practices

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

XXI. Closings

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

XXII. Real Estate Licensing & Regulation

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

XXIII. Risk Management

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

XXIV. Property Management

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

XXV. Real Estate Law in Arizona 

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

XXVI. Arizona Licensing Law & Regulations 

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

XXVII. Easements, Encumbrances, Ownership & Conveyances in Arizona

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

XXVIII. Arizona Land and Environmental Laws 

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

XXIX. Disclosure and Consumer Protection in Arizona

  • Define disclosure;
  • Review consumer protections

XXX. Regulated Activities and Relationship in Arizona

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

XXXI. Arizona Finance and Taxation Practices

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

XXXII. Leasing and Property Management in Arizona

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

XXXIII. Other Related Arizona Practices and Laws

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

XXXIV. Real Estate Math 

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

Illinois 60 Hour Salesperson Pre-License Course

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests and Estates

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

IV. Ownership

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

V. Encumbrances and Liens

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

VI. Transferring and Recording Title

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

VII. Real Estate Leases

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

VIII. Land Use Planning and Control

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

IX. Legal Descriptions

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

X. Real Estate Contract Law

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

XI. Agency

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

XII. Listing Agreements

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

XIII. The Brokerage Business

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

XIV. Contracts for the Sale of Real Estate

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

XV. Real Estate Market Economics

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

XVI. Appraising & Estimating Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

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

XX. Ethics: Laws and Practices

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

XXI. Closings

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

XXII. Real Estate Licensing Regulation

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

XXIII. Risk Management

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

XXIV. Property Management

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

XXV. Illinois Licensing Regulation

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

XXVI. Acquiring and Maintaining a License in Illinois

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

XXVII. Regulation of Business Practice in Illinois

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

XXVIII. Illinois Agency Relationships

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

XXIX. Disciplinary Rules and Procedures in Illinois

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

XXX. Other Illinois Laws Affecting Real Estate Practice

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

XXXI. Real Estate Math

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

Michigan 40 Hour Salesperson Pre-License Course Outline

I. The Real Estate Business 

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

II. Rights in Real Estate 

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

III. Interests & Estates 

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

IV. Ownership 

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

V. Encumbrances & Liens 

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

VI. Transferring & Recording Title 

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

VII. Real Estate Leases 

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

VIII. Land Use Planning & Control 

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

IX. Legal Descriptions 

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

X. Real Estate Contract Law 

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

XI. Agency 

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

XII. Listing Agreements 

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

XIII. The Brokerage Business 

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

XIV. Contracts for the Sale of Real Estate 

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

XV. Real Estate Market Economics 

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

XVI. Appraising & Estimating Value 

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

XVII. Real Estate Finance 

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

XVIII. Real Estate Investment 

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

XIX. Real Estate Taxation 

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

XX. Ethics: Laws and Practices 

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

XXI. Closings 

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

XXII. Real Estate Licensing & Regulation 

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

XXIII. Risk Management 

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

XXIV. Property Management 

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

XXV. Michigan Licensing Regulations 

  • Department of Licensing and Regulatory Affairs
  • Licensing Requirements

XXVI. Rules Governing Michigan Licensees 

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

XXVII. Contractual Relationships in Michigan 

  • Agency
  • Service Provision Agreements
  • Broker/Salesperson Relationship

XXVIII. Michigan Housing Regulations 

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

XXIX. Michigan Property Disclosures 

  • Seller’s Disclosure Statement
  • Other Material Facts

XXX. Other Points of Michigan Law & Practice 

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

XXXI. Real Estate Math 

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

South Carolina 90 Hour Salesperson Unit I Pre-License Course

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests & Estates

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

IV. Ownership

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

V. Encumbrances & Liens

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

VI. Transferring & Recording Title

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

VII. Real Estate Leases

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

VIII. Land Use Planning & Control

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

IX. Legal Descriptions

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

X. Real Estate Contract Law

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

XI. Agency

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

XII. Listing Agreements

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

XIII. The Brokerage Business

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

XIV. Contracts for the Sale of Real Estate

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

XV. Real Estate Market Economics

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

XVI. Appraising & Estimating Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

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

XX. Ethics: Laws & Practices

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

XXI. Closings

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

XXII. Real Estate Licensing & Regulation

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

XXIII. Risk Management

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

XXIV. Property Management

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

XXV. South Carolina Licensing Environment 

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

XXVI. South Carolina Regulation of Licensees 

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

XXVII. South Carolina Brokerage Relationships and Agreements 

  • Brokerage Agreements in South Carolina
  • SC Agency Disclosure Form
  • Company Policy

XXVIII. South Carolina Transaction Agreements 

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

XXIX. Other South Carolina Laws and Practices

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

XXX. Real Estate Math 

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

South Carolina 30 Hour Unit II Advanced Principles Course

A. Agency and Property Disclosure 

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

B. Real Estate Contracts 

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

C. Ethics and Real Estate 

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

D. Measurements and Valuations 

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

E. Real Estate Finance 

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

South Carolina 60 Hour Salesperson Unit I Pre-License Course

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests & Estates

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

IV. Ownership

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

V. Encumbrances & Liens

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

VI. Transferring & Recording Title

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

VII. Real Estate Leases

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

VIII. Land Use Planning & Control

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

IX. Legal Descriptions

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

X. Real Estate Contract Law

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

XI. Agency

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

XII. Listing Agreements

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

XIII. The Brokerage Business

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

XIV. Contracts for the Sale of Real Estate

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

XV. Real Estate Market Economics

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

XVI. Appraising & Estimating Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

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

XX. Ethics: Laws & Practices

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

XXI. Closings

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

XXII. Real Estate Licensing & Regulation

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

XXIII. Risk Management

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

XXIV. Property Management

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

XXV. South Carolina Licensing Environment 

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

XXVI. South Carolina Regulation of Licensees 

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

XXVII. South Carolina Brokerage Relationships and Agreements 

  • Brokerage Agreements in South Carolina
  • SC Agency Disclosure Form
  • Company Policy

XXVIII. South Carolina Transaction Agreements 

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

XXIX. Other South Carolina Laws and Practices

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

XXX. Real Estate Math 

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

Illinois 75 Hour Pre-License Course

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests and Estates

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

IV. Ownership

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

V. Encumbrances and Liens

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

VI. Transferring and Recording Title

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

VII. Real Estate Leases

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

VIII. Land Use Planning and Control

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

IX. Legal Descriptions

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

X. Real Estate Contract Law

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

XI. Agency

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

XII. Listing Agreements

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

XIII. The Brokerage Business

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

XIV. Contracts for the Sale of Real Estate

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

XV. Real Estate Market Economics

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

XVI. Appraising & Estimating Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

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

XX. Ethics: Laws and Practices

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

XXI. Closings

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

XXII. Real Estate Licensing Regulation

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

XXIII. Risk Management

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

XXIV. Property Management

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

XXV. Illinois Licensing Regulation

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

XXVI. Acquiring and Maintaining a License in Illinois

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

XXVII. Regulation of Business Practice in Illinois

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

XXVIII. Illinois Agency Relationships

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

XXIX. Disciplinary Rules and Procedures in Illinois

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

XXX. Other Illinois Laws Affecting Real Estate Practice

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

XXXI. Real Estate Math

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

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

I. Case Study 1: Listing Presentation

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

II. Case Study 2: Disclosure and Fraud

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

III. Case Study 3: Fair Housing and Discrimination

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

IV. Case Study 4: Personal Assistants

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

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

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

VI. Case Study 6: Home Inspections and HUD

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

VII. Case Study 7: Presenting Offers and Counteroffers

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

Virginia 60 Hour Salesperson Pre-License Course

I. The Real Estate Business

  • Real Estate Professions
  • Real Estate Brokerage
  • Professional Organizations
  • Regulation and Licensing

II. Rights in Real Estate

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

III. Interests and Estates

  • Interests and Estates in Land
  • Freehold Estates
  • Leasehold Estates

IV. Ownership

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

V. Encumbrances and Liens

  • Encumbrances
  • Easements
  • Encroachments
  • Licenses
  • Deed Restrictions
  • Liens
  • Foreclosure

VI. Transferring and Recording Title to Real Estate

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

VII. Leasing Essentials

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

VIII. Land Use Planning and Control

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

IX. Legal Descriptions

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

X. Fundamentals of Contract Law

  • Contract Validity and Enforceability
  • Contract Creation
  • Classifications of Contracts
  • Contract Termination

XI. National Agency

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

XII. Listing Agreements: An Overview

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

XIII. General Brokerage Practices

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

XIV. Overview of Conveyance Contracts

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

XV. Real Estate Market Economics

  • The Market System
  • Real Estate Market Dynamics

XVI. Appraising & Estimating Market Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

  • Taxing Entities
  • Ad Valorem Taxation
  • Special Assessments
  • Tax Lien Enforcement

XX. Professional Practices

  • Fair Housing Laws
  • Property Disclosures
  • Other Professional Practices

XXI. Closings

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

XXII. Overview of Licensing and Regulation

  • State License Law
  • Obtaining A Real Estate License
  • License Regulation

XXIII. Risk Management

  • Risk Management Strategies
  • Risk Management Procedures
  • Primary Areas of Risk

XXIV. Property Management

  • Management Functions
  • The Management Agreement
  • Leasing Considerations
  • The Management Business

XXV. Virginia Licensing Regulation

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

XXVI. Virginia Brokerage Regulation & Disclosures

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

XXVII. Virginia Agency and Agency Disclosure

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

XXVIII. Virginia Sales Contract

  • Contract Form
  • Contracting Procedure
  • Buyer Protections

XXIX. Virginia Fair Housing and Other Virginia Laws

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

XXX. Real Estate Mathematics

  • Basic Formulas and Functions
  • Real Estate Applications

Missouri 48-Hour Pre-License Course Outline

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests & Estates

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

IV. Ownership

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

V. Encumbrances & Liens

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

VI. Transferring & Recording Title

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

VII. Real Estate Leases

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

VIII. Land Use Planning & Control

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

IX. Legal Descriptions

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

X. Real Estate Contract Law

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

XI. Agency

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

XII. Listing Agreements

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

XIII. The Brokerage Business

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

XIV. Contracts for the Sale of Real Estate

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

XV. Real Estate Market Economics

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

XVI. Appraising & Estimating Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

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

XX. Ethics: Laws & Practices

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

XXI. Closings

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

XXII. Real Estate Licensing & Regulation

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

XXIII. Risk Management

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

XXIV. Property Management

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

XXV. Missouri Rules

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

XXVI. Missouri Business Conduct & Practices

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

XXVII. Missouri Disciplinary Proceedings

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

XXVIII. Missouri Closings & Computations

  • Prepare closing documents and calculate costs

Nevada 90-Hour Salesperson Pre-License Course Outline

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests and Estates

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

IV. Ownership

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

V. Encumbrances and Liens

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

VI. Transferring and Recording Title

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

VII. Real Estate Leases

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

VIII. Land Use Planning and Control

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

IX. Legal Descriptions

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

X. Real Estate Contract Law

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

XI. Agency

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

XII. Listing Agreements

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

XIII. The Brokerage Business

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

XIV. Contracts for the Sale of Real Estate

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

XV. Real Estate Market Economics

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

XVI. Appraising and Estimating Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

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

XX. Ethics: Laws and Practices

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

XXI. Closings

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

XXII. Real Estate Licensing and Regulation

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

XXIII. Risk Management

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

XXIV. Property Management

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

XXV. Nevada License Law Administration

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

XXVI. Nevada License Requirements

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

XXVII. Agency in Nevada

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

XXVIII. Brokerage Practices in Nevada

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

XXIX. Nevada Disclosure Requirements

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

XXX. Nevada Real Estate Contracts

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

XXXI. Other Nevada Laws and Practices

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

XXXII. Real Estate Math

  • Add and multiply fractions
  • Convert decimals and percentages
  • Convert fractions and percentages
  • Multiplying using percentages
  • Calculate area of basic shapes
  • Calculate area from legal description
  • Calculate commission
  • Calculate Goodwill
  • Calculate Percentage of Listing Price
  • Calculate Earnest Money Deposits
  • Calculate Rent Escalations
  • Calculate FIRPTA Withholdings
  • Adjust Comparables for Appraisals
  • Calculate Income Capitalization
  • Calculate Loan Amounts, Rates, and Payments
  • Calculate Loan-to-Value Ratio
  • Calculate Income Underwriting Ratio
  • Calculate Debt Underwriting Ratio
  • Calculate Points
  • Calculate Appreciation
  • Calculate Equity
  • Calculate Pre-tax Cash Flow
  • Calculate Tax Liability
  • Calculate Annual Depreciation Expense
  • Calculate Capital Gain
  • Calculate Return, Rate of Return, and Investment Amount
  • Calculate Tax Rate
  • Calculate Special Assessments
  • Calculate Prorations
Florida 63-Hour Salesperson Pre-License Course Outline

Florida 63-Hour Salesperson Pre-License Course Outline

I. The Real Estate Business

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

II. Florida Real Estate License Law and Qualifications for Licensure

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

III. License Law and Commission Rules

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

IV. Authorized Florida Relationships, Duties and Disclosure

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

V. Florida Real Estate Brokerage Activities and Procedures

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

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

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

VII. Federal and State Laws Pertaining to Real Estate

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

VIII. Property Rights

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

IX. Title, Deeds and Ownership Restrictions

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

X. Legal Descriptions

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

XI. Real Estate Contracts

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

XII. Residential Mortgages

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

XIII. Types of Mortgages and Sources of Financing

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

XIV. Real Estate Related Computations and Closing of Transactions

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

XV. The Real Estate Markets and Analysis

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

XVI. Real Estate Appraisal

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

XVII. Real Estate Investments and Business Brokerage Opportunity Brokerage

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

XVIII. Taxes Affecting Real Estate

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

XIX. Planning, Zoning and Environmental Hazards

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

XX. Real Estate Math

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

Tennessee 60-Hour Basic Principles of Real Estate

Basic Principles of Real Estate  

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests & Estates

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

IV. Ownership

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

V. Encumbrances & Liens

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

VI. Transferring & Recording Title

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

VII. Real Estate Leases

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

VIII. Land Use Planning & Control

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

IX. Legal Descriptions

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

X. Real Estate Contract Law

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

XI. Agency

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

XII. Listing Agreements

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

XIII. The Brokerage Business

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

XIV. Contracts for the Sale of Real Estate

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

XV. Real Estate Market Economics

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

XVI. Appraising & Estimating Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

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

XX. Closings

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

XXI. Real Estate Licensing & Regulation

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

XXII. Risk Management

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

XXIII. Real Estate Math

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

XXIV. Tennessee Regulatory Environment

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

XXV. Tennessee Licensing Regulation

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

XXVI. Tennessee Brokerage Regulation

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

XXVII. Tennessee Agency

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

XXVIII. Other Tennessee Laws

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

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

Basic Principles of Real Estate  

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests & Estates

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

IV. Ownership

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

V. Encumbrances & Liens

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

VI. Transferring & Recording Title

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

VII. Real Estate Leases

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

VIII. Land Use Planning & Control

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

IX. Legal Descriptions

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

X. Real Estate Contract Law

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

XI. Agency

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

XII. Listing Agreements

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

XIII. The Brokerage Business

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

XIV. Contracts for the Sale of Real Estate

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

XV. Real Estate Market Economics

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

XVI. Appraising & Estimating Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

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

XX. Closings

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

XXI. Real Estate Licensing & Regulation

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

XXII. Risk Management

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

XXIII. Real Estate Math

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

XXIV. Tennessee Regulatory Environment

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

XXV. Tennessee Licensing Regulation

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

XXVI. Tennessee Brokerage Regulation

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

XXVII. Tennessee Agency

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

XXVIII. Other Tennessee Laws

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

New Affiliates Course

I. Listing Agreements 

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

II. Appraising & Estimating Value 

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

III. Agency 

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

IV. The Brokerage Business 

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

V. Real Estate Contract Law 

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

VI. Contracts for the Sale of Real Estate 

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

VII. Fair Housing & Antitrust 

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

VIII. Risk Reduction 

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

IX. TREC Laws/Rules/Policies 

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

X. Residential/Commercial/Rental Property Management 

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

XI. Ethics & Etiquette  

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

XII. Finance 

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

Pennsylvania 75-Hour Pre-License Course

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests & Estates

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

IV. Ownership

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

V. Encumbrances & Liens

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

VI. Transferring & Recording Title

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

VII. Real Estate Leases

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

VIII. Land Use Planning & Control

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

IX. Legal Descriptions

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

X. Real Estate Contract Law

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

XI. Agency

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

XII. Listing Agreements

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

XIII. The Brokerage Business

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

XIV. Contracts for the Sale of Real Estate

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

XV. Real Estate Market Economics

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

XVI. Appraising & Estimating Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

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

XX. Ethics: Laws & Practices

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

XXI. Closings

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

XXII. Real Estate Licensing & Regulation

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

XXIII. Risk Management

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

XXIV. Property Management

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

XXV. The State Real Estate Commission

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

XXVI. Pennsylvania Licensure  

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

XXVII. Pennsylvania Regulation of Conduct Part 1 

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

XXVIII. Pennsylvania Regulation of Conduct Part 2 

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

XXIX. Real Estate Mathematics 

  • Practice using basic equations to solve real estate mathematical problems

Oklahoma 90-Hour Pre-License Course

I. The Real Estate Business

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

II. Rights in Real Estate 

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

III. Interests & Estates 

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

IV. Ownership 

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

V. Encumbrances & Liens 

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

VI. Transferring & Recording Title 

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

VII. Real Estate Leases 

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

VIII. Land Use Planning & Control 

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

IX. Legal Descriptions 

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

X. Real Estate Contract Law 

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

XI. Agency 

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

XII. Listing Agreements 

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

XIII. The Brokerage Business 

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

XIV. Contracts for the Sale of Real Estate 

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

XV. Real Estate Market Economics 

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

XVI. Appraising & Estimating Value 

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

XVII. Real Estate Finance 

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

XVIII. Real Estate Investment 

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

XIX. Real Estate Taxation 

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

XX. Ethics: Laws and Practices 

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

XXI. Closings 

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

XXII. Real Estate Licensing & Regulation 

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

XXIII. Risk Management 

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

XXIV. Property Management 

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

XXV. Oklahoma Laws and Rules 

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

XXVI. Oklahoma Broker Relationships Act 

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

XXVII. Oklahoma Property Management 

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

XXVIII. Oklahoma Real Estate Disclosures and Hazards

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

North Carolina 75-Hour Course Outline

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests & Estates

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

IV. Ownership

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

V. Encumbrances & Liens

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

VI. Transferring & Recording Title

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

VII. Real Estate Leases

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

VIII. Land Use Planning & Control

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

IX. Legal Descriptions

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

X. Real Estate Contract Law

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

XI. Agency

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

XII. Listing Agreements

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

XIII. The Brokerage Business

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

XIV. Contracts for the Sale of Real Estate

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

XV. Real Estate Market Economics

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

XVI. Appraising & Estimating Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

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

XX. Ethics: Laws & Practices

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

XXI. Closings

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

XXII. Real Estate Licensing & Regulation

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

XXIII. Risk Management

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

XXIV. Property Management

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

XXV. NC License Regulation

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

XXVI. NC License Requirements  

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

XXVII. NC License Status, Violations & Discipline 

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

XXVIII. NC Agency Relationships 

  • Understand agency relationships
  • Understand agency agreements

XXIX. NC Brokerage Practice Regulation 

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

XXX. NC Sales Contracts

  • Describe NC Contracts & addenda
  • Understand offer to purchase & contract

XXXI. NC Property Management

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

XXXII. NC Property Insurance

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

XXXIII. Other NC Laws & Practices

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

XXXIV. Real Estate Mathematics

  • Practice using basic equations to solve real estate mathematical problems

Missouri 72-Hour Pre Examination and Practice Course Course Outline

Missouri Pre Examination Course (48 Hours)

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests & Estates

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

IV. Ownership

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

V. Encumbrances & Liens

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

VI. Transferring & Recording Title

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

VII. Real Estate Leases

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

VIII. Land Use Planning & Control

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

IX. Legal Descriptions

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

X. Real Estate Contract Law

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

XI. Agency

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

XII. Listing Agreements

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

XIII. The Brokerage Business

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

XIV. Contracts for the Sale of Real Estate

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

XV. Real Estate Market Economics

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

XVI. Appraising & Estimating Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

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

XX. Ethics: Laws & Practices

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

XXI. Closings

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

XXII. Real Estate Licensing & Regulation

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

XXIII. Risk Management

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

XXIV. Property Management

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

XXV. Missouri Rules

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

XXVI. Missouri Business Conduct & Practices

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

XXVII. Missouri Disciplinary Proceedings

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

XXVIII. Missouri Closings & Computations

  • Prepare closing documents and calculate costs

Missouri Practice Course (24 Hours)

I. Agency

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

II. Listing Agreements

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

III. The Brokerage Business

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

IV. Contracts for the Sale of Real Estate

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

VI. Real Estate Finance

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

VII. Closings

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

VIII. Risk Management

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

IX. Types of Construction

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

Georgia 75 Hour Course Outline

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests & Estates 

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

IV. Ownership 

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

V. Encumbrances & Liens 

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

VI. Transferring & Recording Title 

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

VII. Real Estate Leases 

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

VIII. Land Use Planning & Control 

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

IX. Legal Descriptions 

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

X. Real Estate Contract Law 

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

XI. Agency 

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

XII. Listing Agreements 

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

XIII. The Brokerage Business 

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

XIV. Contracts for the Sale of Real Estate 

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

XV. Real Estate Market Economics 

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

XVI. Appraising & Estimating Value 

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

XVII. Real Estate Finance 

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

XVIII. Real Estate Investment 

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

XIX. Real Estate Taxation 

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

XX. Ethics: Laws and Practices 

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

XXI. Closings 

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

XXII. Real Estate Licensing & Regulation 

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

XXIII. Risk Management 

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

XXIV. Property Management 

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

XXV. Georgia Licensing Regulation & Enforcement 

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

XXVI. Georgia Brokerage Regulation 

  • BRRETA
  • Management Responsibilities
  • Managing Trust Accounts
  • Advertising
  • Handling Transactions

XXVII. Other Georgia Laws 

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

XXVIII. Real Estate Math 

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

Kansas Principles of Real Estate Course Outline (30 Hours)

I. Real Property
Real Estate Activities:

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

Elements of Real Property:

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

Methods of Legal Description:

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

Estates in Real Property:

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

Forms of Ownership:

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

Transfer/Alienation of Real Property:

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

Land Use Controls:

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

Encumbrances:

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

II. Government Controls and Laws Affecting Real Estate

Real Property Tax Computations:

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

Income Tax Considerations and Computations:

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

Federal Fair Housing & ADA:

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

III. Valuation and Appraisal 

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

IV. Real Estate Finance 

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

V. Settlement/Closing

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

VI. Contracts/Agency 

Agency:

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

Listing Contracts:

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

Purchase/Sales Contract:

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

Property Management Contracts:

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

Lease/Rental Agreements:

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

BRRETA:

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

VII. Duties and Powers of the Kansas Real Estate Commission

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

VIII. Kansas Licensing Requirements 

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

IX. Requirements Governing Activities of Licensees

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

X. Penalties for Violations 

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

XI. Kansas Real Estate Recovery Revolving Fund

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

Indiana Real Estate Pre License 90-Hour Course Outline

I. The Real Estate Business

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

II. Rights in Real Estate

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

III. Interests & Estates

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

IV. Ownership

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

V. Encumbrances & Liens

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

VI. Transferring & Recording Title

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

VII. Real Estate Leases

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

VIII. Land Use Planning & Control

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

IX. Legal Descriptions

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

X. Real Estate Contract Law

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

XI. Agency

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

XII. Listing Agreements

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

XIII. The Brokerage Business

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

XIV. Contracts for the Sale of Real Estate

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

XV. Real Estate Market Economics

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

XVI. Appraising & Estimating Value

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

XVII. Real Estate Finance

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

XVIII. Real Estate Investment

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

XIX. Real Estate Taxation

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

XX. Ethics: Laws & Practices

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

XXI. Closings

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

XXII. Real Estate Licensing & Regulation

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

XXIII. Risk Management

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

XXIV. Property Management

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

XXV. The Indiana Regulatory Environment

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

XXVI. Acquiring an Indiana Real Estate License

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

XXVII. Maintaining an Indiana License

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

XXVIII. Indiana Agency Relationships

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

XXIX. Indiana Brokerage Practice Regulation

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

XXX. Office Administration & Supervision

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

XXXI. Other Laws Affecting Indiana Practice

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

XXXII. Insurance, Warranties, Inspections

  • Basic Insurance Concepts
  • Standard Policy Features
  • Home Warranties
  • Inspection Basics

XXXIII. Federal Income Tax Impacts

  • Definitions
  • Income Tax Deductions
  • Mortgage Interest Credit
  • Sale Of Personal Residence