The standards a real estate broker must follow for the handling of the funds which belong to others are rigid. All brokers must follow the same procedures and methodology. Most brokers handling large funds will want to consider proper accounting software or the advice and counsel of a competent accountant.
For those brokers considering becoming employing brokers and/or property managers, the strict adherence to the rules is critical. We open this course with a review of both the Commission Position on Competency and their posting on recordkeeping.
This course focuses on the following topics:
- Specific Areas
- Fair Housing
- Cases & Supplemental Material
- Agency and Contract Issues
- Contract Risk
- Limiting Broker Liability
- Case Studies
- Real Estate Closings
- Land Development and Subdivisions
- Condominiums and Cooperatives
- Understanding Real Estate Commissions
- Short Term Rentals and Long Term Rentals
- Real Estate Time-Sharing
- Water and Water waste Management
- Real Estate Short Selling Basics
- Types of Foreclosures
Upon completion of this course, you will be able to:
- Discuss the “escrow accounting equation” and how it relates to “cash balance”.
- Define the rules for when a broker receives money belonging to others and how it must be treated.
- Identify the different classes of beneficiaries.
- Explain the rules in regard to commingled money.
- Discuss the record keeping requirements for escrow accounts and ledgers.
- Identify the requirements for holding money for others as a property manager.
- Explain what is required for security deposits to be delivered to an owner.
- Define which documents require original signatures.
- Recognize how escrow funds and records must be treated when a broker goes out of business.
- Discuss what must happen to the broker’s books and how long the records must be kept.
The course contains numerous multiple choice quizzes, and is completed with a multiple choice exam.
Approved States: CO