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 Contracts & Agreements Minimize

Module 1

1 .) Contracts & Agreements - 9 hours  

Topic

Segment Discussion

Learning Objective

Purchase and Sales Agreements

Contracts are a critical part of the licensees business.  It's important to have a strong foundation in the essentials of contracts and the state laws that govern them.  This segment lays the foundation and then applies contract principles to sales agreements.

1.) Students will list the key components of state contract law that govern real estate activities. 
2) Students will locate the major elements of an earnest money contract and begin a case study to understand real world applications.

Addendum and Amendments

Documents to modify or enhance an agreement have different applications and structures that are important to understand so the paperwork is done and delivered in the time frames necessary to insure a valid contract.  This segment defines the various options to accomplish what consumers want in the transaction.

1.) Students will review an agreement and identify the various elements in use.
2.) Students will list common addendums found in residential, new construction and commercial real estate.

Counteroffers

Negotiations between buyers and sellers require documentation that reflects their various negotiation strategies until they reach an agreement.  Knowing how to counter offer and counter the counter is examined in reviewing the mechanics of documentation delivery.

1.) Students will construct counter offers and counter to counter offers to understand the timelines and mechanics of  contract execution.
2.) Students will name communication delivery alternatives and documentation requirements to insure a valid and enforcable agreement.

Contingencies

Once the mechanics of contract delivery and timelines are understood it's important to understand how to write provisions to reach clients objectives.  This segment reviews language and clauses written on a clients behalf to get what they want, while minimizing risk.

1.) Students will write contingencies to narrow the negotiation and ultimately reach agreement.
2.) Students will contrast  the differences between contract provisions of terms, conditions and contingencies.

Multiple Offers and Back-Up Offers

When things get busy and demand is high on a property it's important to be fair and careful when many buyers want a property.  This segment discusses the risks and strategies to handle documentation on competing offers in a fair and equitable way.

1.) Students will describe the steps to insure people are treated fairly in a multiple offer situation.
2.) Participants will list damages that occur when paperwork lacks proper protection. 

Differences Between Residential, Land and Commercial Transactions

Not all real estate is residential and it's important for students to understand additional federal and state laws that govern other areas of real estate.  This segment reviews the Uniform Comercial Code, UCC, laws and state and federal laws relating to land sales.

1.) Students will compare the state and federal requirements relating to land sales.
2.) Students will  clasify the types of transactions most likely to be impacted by UCC requirements.

Personal Service Agreements

Documenting the employment agreement between the consumer and licensee is required to insure compensation and assure the greatest ability to meet consumer needs.  This looks at the various choices in documentation and the benefits to clearly communicating and documenting the relationship.

1.) Students will select an employment agreement and identify the key components.
2.) Students will present the agreement and give and receive feedback on the effectiveness of PSA presentations.

Negotiation and Counseling

Effective communication skills help assure the consumer is getting the property that fits their needs in the shortest time possible.  By spending more time in the diagnostic phase of needs analysis using counseling skills, the result for licensee and consumer in enhanced.

1.) Students will conduct a counseling session and evaluate others to enhance their counseling effectiveness.


    
 Property Management Minimize

Module 2

2.) Property Management- 3 hours

 

 

Topic

Segment Discussion

Learning Objective

Landlord Tenant Act

The Uniform Residential Landlord Tenant Act contains the major statutes that define residential property management responsibilities and  rights of both the landlord and the tenant. 
It is important the licensee understands these rights and  selects proper documentation for the respective consumers involved in the landlord tenant relationship. 

1.) Students will list the major landlord and tenant responsibilities and the remedies available in case of default by either party. 
2.) After reviewing various circumstances students will select documentation used by a tenant or landlord to give notice to the other and the timeframes and deadlines to be considered.

Rental, lease, and occupancy of residential and commercial properties

Responsibilities of the property manager may include tenant screening, establishing rental rates, lease compliance, and insuring occupancy of residential and commercial properties  This segment reviews these  major elements.

1.) Students will classify the applications and benefits of different types of leases to each party in residential and commercial properties
2.) Students will list the documentation and procedures in the rental process and specific information needed to qualify a tenant.

Associations and Cooperatives

When managing associations or cooperatives additional considerations are necessary by licensees.  These potentially involve specific statutes regarding handling of money, conflicts of interest, bonding and documentation prepared on behalf of the association or cooperative.

1.) Students will identify the responsibilities and restrictions on licensees involved in managing common interest properties.
2.) Students will list the major responsibilities of  Association management and the elements of the management agreement.

Personal Service Agreements, Management Agreements and Lease Listing Agreements

Real Estate Licensees involved in property management must clearly communicate their employment agreement with consumers.  This segment reviews three agreements designed to accomplish that objective. 

1.) Students will present an agreement and describe the various terms included in the respective agreement.

Security Deposit Statements

It's important for consumers and landlords that licensees managing property understand the deadlines and parameters for returning deposits.  This segment addresses the criteria, time frames and format for finalizing the closure of the landlord tenant relationship.

1.) Students will prepare a Security Deposit Statement based on a set of circumstances and differentiate between cleaning, repairs, and wear and tear.


    
 License Law Minimize

Module 3

3 .) License Law- 3 hours

 

 

Topic

Segment Discussion

Learning Objective

Consumer Pamphlet and Waiver

Long term real estate success is best achieved by building a trusted relationship with Alaskan consumers.This segment helps students understand how important proper documentation is in establishing a strong  foundation.

1.) Students will learn how to pick the relationship that best fits the consumers needs. 
2.) After reviewing various circumstances students will select proper  documentation best suited for the consumer and consistant with their broker's company policy.
3.) Students will present the AREC pamphlet in a role play and give feedback on effectiveness of others presentations.

Conflict of Interest

Serious consequences can occur when licensees ignore laws designed to protect consumers.  In the last 2 years violations of conflict of interest have led to administrative, civil and criminal actions including fines, loss of license, and time in prison for real estate licensees in Alaska. Identifying, documenting or avoiding may all be necessary in current market conditions.  This segment helps students identify conflicts of interest they may face in their professional practice and take actions to reduce risk.

1.) Students will list examples and consequences of violating Conflict of Interest statutes and regulations.  Including:
Financial
Business Interest
Licensee
2.) Students will describe specific types of real estate business practices that Alaska Statutes allow.

Confidentiality and Ethics

With designated licensee options and ability to participate in transactions less rigid than during historical agency duties, new measures must be taken to safeguard privilaged client information.  Choices may sometimes be faced that may be legal but may not be ethical.

1.) Students will list examples and consequences of violating confidentiality statutes and regulations. 
2.) Students will review a case study and list legal and ethical considerations

Surety Fund

The best strategy for a licensee conducting real estate  business is to deliver great service so a  Surety Fund Claim is never filed against them.  If a claim is made it's important to understand the process and rights of the parties involved.

1.) Students will list the steps involved in a Surety Fund Claim.


    
 Paperwork & Risk Management Minimize

Module 4

4 .) Paperwork & Risk Management - 6 hours

 

 

Topic

Segment Discussion

Learning Objective

Mandatory and Area Specific Property Disclosure

When problems occur in a real estate transaction most of the time it relates to property condition.  This segment examines the strategies needed to comply with state and federal disclosure laws to protect both the licensee and the consumer.

1.) Students will list the greatest risks licensees face today. 
2.) Students will identify a disclosure issue challenging them and improve their performance thru skill practice and coaching.

Environmental Issues

As science continues to improve the materials used in building construction it also identifies risks that were unknown at the time common building materials were being used.  This section reviews current science and identifies resources that are available to inform consumers of potential risks.

1.) Students will list the major environmental threats in their market. 
2.) Students will review a case study and list ways to reduce risk in that circumstance.  

Zoning

Zoning to maintain value occurs as communities mature.  It's important to understand the structure and process to insure sales do not put consumers in properties that do not fit the zoning needed.

1.) Students will describe the steps involved in a zoning process.

Convenants, Conditions and Restrictions

Restrictions can be placed on property by both local ordinances and developers.  In this section we examine the various restrictions that impact the use of property and where those restrictions come from.

1.) Students classify the different types of restrictions based on which entity is likely to impose them. 

Title Reports

Developed as a resource to protect consumers from swindlers in an earlier time, this type of insurance protects against future claims on the property.

1.) Students will identify the types of title insurance policies and what they cover.
2.) Students will name additional activities title insurance companies are becoming involved with and the risks associated with "free gifts"

Resale Certificates and Public Offering Statements

Common Interest Communities require rules to determine how the association will operate.  Before making a purchase choice it's important for a buyer to know those rules and also understand the current financial condition of the association.  This section covers those disclosures.

1.) Students will contrast the major areas disclosed in these two documents

Home Inspections and Repair Negotiations

It is critical that the buyer understand the condition of the property they are purchasing.  Using an independent trained expert is important for the protection of both the licensee and consumer.  Once the condition is determined if additional negotiation is necessary to adjust the price of the property it is important to insure the documentation protects the parties.  This section addresses these areas.

1.) Students recite the systems typically examined by the home inspector
2.) Students will review a case study and  construct a counter offer in a repair negotiation to better manage risk.

Surveys

This section address state statutes that define the credentials and work product expected from professionals in this area.

1.) Students will compare the different statutes affecting this industry.

Record Keeping

Effective documentation and record keeping is one of the most important areas of risk management.  New laws have added additional record keeping requirements many licensees are unaware of.  These federal laws dealing with ways licensees have historically communicated with consumers can carry heavy penalities if they are violated.  Here we will look at both historical and current requirements for record keeping.

1.) Students will write an action plan to identify ways they will enhance their risk management record keeping.


    
 Evaluation & Pricing Minimize

Module 5

5 .) Evaluation & Pricing- 4 hours

 

 

Topic

Segment Discussion

Learning Objective

Showing Property

Selection of appropriate properties that match the consumers needs and effectively pointing out the desired features and benefits is critical to customer service.  Recognizing consumer concerns and focusing on their needs will help them reach a decision that is in their best interest.

1.) Students will prepare a showing plan that includes steps included in selecting the inventory. 
2.) Students will translate common features into benefits that support the consumers decision making process.

Competitive Market Analysis and Appraisals

Determining fair market value is important in most real estate sales.  Whether using a competitive market analysis (CMA) to set the list price, or a formal appraisal for financing, the processes are very similar.  In some cases other valuation processes are used based on the type of real estate transferred.  This segment address options steps and considerations in property valuation.

1.) Students will select the appropriate valuation analysis method necessary for a particular circumstance. They will calculate replacement cost, income approach or market data approach based on a particular property.

Marketing Buyers and Sellers

Knowing how to identify consumers that need real estate services is a vital part of a licenssees business.  Doing it in a cost effective way translates to larger profits and the ability to enhance service to consumers.

1.) Students will select the appropriate marketing campaighns that focus on the strengths of each student.


    
 Financing & Closing Minimize

Module 6

6.) Financing & Closing - 5 hours

 

 

Topic

Segment Discussion

Learning Objective

Importance and Differences of pre-approval letters and pre-qualifications, good faith estimates and loan types, including Internet lending programs

Its important for consumers and licensees to be prepared with the loan program that works best for the Buyer.This section helps in choosing the right program.

1.) Students will select the loan program that benefits a situation.

Review of settlement statements, security deposit transfers, rent prorations, seller net proceeds and variations in closing costs.

Reviewing details without violating federal or state law will be the focus of this segment.

1.) Students will use the major laws affecting the transaction.

The closing process

Key components of the closing transaction will be addressed to assure a smooth closing.

1.) This segment focuses on helping students prepare for a smooth closing and helps consumers reach their goals.

Good fund law

Discusses the law that governs when fund distribution occurs.

1.) Help students understand the constraints of fund distribution.

Predatory Lending

Licensees must have a basic understanding of lending practices that can damage their sellers.  This section addresses red flags that alert the licensee to inappropriate conduct.

1.) Help students identify using  real world examples the indicators of bad lending practices.


    
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